Jignesh Shah expresses "mixed emotions" about sale of SMX

NDTV Profit Desk

19 Nov 2013, 07:25 PM IST

Financial Technologies India Ltd (FTIL) chief executive and managing director Jignesh Shah expressed "mixed" feelings about the sale of sale of the Singapore Merchantile Exchange (SMX) for $150 million to the US-based InterContinentalExchange (ICE).

FTIL, which held stake in SMX through a wholly-owned subsidiary Financial Technologies Singapore Pte Ltd (FTSPL), on Tuesday announced the sale of the Singapore-based exchange. (Read more)

Mr Shah said in a statement that he "has mixed emotions about parting ways with an asset that he had nurtured as a global showcase of an institution, built with Singapore's world class infrastructure and regulation coupled with Indian technology and expertise".

He, however, said he "will be happy to watch it scale new heights with satisfaction from a distance under ICE".

Mr Shah hoped that the bourse's success would inspire many more entrepreneurs in both countries.

"His (Mr Shah's) trust in board and management of the SMX team has been vindicated and they have done an exemplary job of executing on his vision and making both, India and Singapore proud by growing SMX into a globally recognised leading institution, replicating the successful track record of FTIL with MCX, MCX-SX and IEX at home," the statement added.

"SMX acquisition by ICE is a testimony of India's technology excellence and domain knowledge in developing and operating world class financial markets and institutions that are at par with global standards in all respect, from international financial centre like Singapore," Mr Shah said in the statement.

FTIL group firm National Spot Exchange Ltd (NSEL) is struggling with a financial crisis involving payments worth Rs 5,600 crore.

"We are pained that because of NSEL, market has to suffer...Please understand that this company should not be judged by NSEL. That is my humble request. Please don't take away credit of the institution what we have built," Mr Shah had said at FTIL's annual general meeting held in Chennai in September.