directed that neither Jignesh Shah individually, nor though any company/entity controlled by him, either directly or indirectly, should hold any shares in any association/ exchange in excess of the threshold limit of the total paid-up equity capital as prescribed under FMC guidelines.
Reacting on the FMC order, an Financial Technologies India Ltd (FTIL) spokesperson said: "Our lawyers are examining the order and we will revert."
However, sources said that the company is likely to challenge the order in Bombay High Court in the next few days.
When contacted, Jignesh Shah did not respond.
Despite FMC order, shares of MCX rose by 8.29 per cent to close at Rs 421.35 apiece on BSE today. As FMC allowed Blackstone to raise its stake in the bourse. The share price of Financial Technologies was down by 0.89 per cent to Rs 166.80 apiece on BSE today.