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Multi Commodity Exchange, Financial Technologies shares plunge on stock exchange probe

Mar 15 2014, 12:42 IST
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SummaryThe CBI has registered a Preliminary Enquiry against Financial Technologies and MCX.

Shares of Jignesh Shah-led Financial Technologies India Ltd (FTIL) and Multi Commodity Exchange of India Ltd (MCX) today fell sharply amid a probe initiated by CBI into grant of license to MCX Stock Exchange over five years ago.

MCX-SX was set up by Financial Technologies and MCX, but they have been now classified as 'public shareholders' as against 'promoters' earlier, pursuant to a Sebi-ordered restructuring of its board and governance structure.

A day after CBI registered a Preliminary Enquiry (PE) against Financial Technologies and Multi Commodity Exchange as also two former top Sebi officials in a matter related to the grant of license to MCX-SX, the shares of the two listed companies fell sharply this morning.

Financial Technologies was down 3.6 per cent at Rs 364.40, while shares of commodity exchange MCX were trading 4.6 per cent lower at Rs 491.95 at the BSE in late morning trade.

The group has been facing trouble ever since National Spot Exchange Ltd (NSEL), another entity set up by the same promoters, got engulfed in a major payment crisis putting a question mark on their 'fit and proper' status to run an exchange.

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