NSEL crisis: Jignesh Shah gets emotional over SMX parting

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NSEL is currently facing a Rs 5,500 crore payment crisis. (AP) NSEL is currently facing a Rs 5,500 crore payment crisis. (AP)
SummarySMX success would inspire many more entrepreneurs in India and Singapore: Jignesh Shah

Raising emotional pitch on sale of his Singapore-based bourse SMX, Financial Technologies CEO and Managing Director Jignesh Shah today expressed 'mixed' feelings about parting way with an asset he had nurtured as a global institution.

The Financial Technologies (India) Ltd today announced sale of the Singapore Merchantile Exchange (SMX) for USD 150 million to US-based InterContinentalExchange (ICE). FTIL held stake in SMX through a wholly-owned subsidiary Financial Technologies Singapore Pte Ltd (FTSPL).

In an statement, Shah said: "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."

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

He also wished for future success of SMX and hoped that the bourse's success would inspire many more entrepreneurs in both countries.

"His 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," Shah said.

Multi Commodity Exchange of India Ltd

Congratulating ICE on SMX acquisition, Shah said: "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."

Shah, who is in trouble due to the Rs 5,600 crore payment crisis at his group firm National Spot Exchange Ltd (NSEL), had in September given an emotional speech at FTIL's annual general meeting in Chennai.

He had said: "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."

"The biggest loser is reputation. ...I was enjoying market value and reputation at the highest value. You judge by yourself rather than me justifying it," he had told reporters after the AGM.

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