This Article is From Jun 26, 2015

FTIL Begins Process to Sell 23% Stake in MCX-SX Clearing Corporation

New Delhi: Financial Technologies India Ltd (FTIL) has begun the process of selling its 23 per cent stake in MCX-SX Clearing Corporation Ltd (MCX-SX CCL) in order to comply with a Securities and Exchange Board of India order.

Capital market regulator Sebi had directed FTIL to divest its shareholding in several entities including MCX-SX Clearing Corporation.

In a public notice issued on Friday, FTIL floated expression of interest to acquire part or full of its 23 per cent stake, amounting to 57.5 lakh shares, in MCX-SX CCL.

The interested candidates are required to forward their bids along with a minimum price per share of not less than Rs 10 apiece by September 22 this year.

After the Rs 5,500-crore settlement crisis at the National Spot Exchange Ltd (NSEL) came to light in July 2013, Sebi in an order passed in March 2014 declared FTIL unfit to hold stake in any exchange or clearing corporation.

NSEL, in which FTIL had a majority stake, suspended operations in August 2013.