MUMBAI, Mar 8 (Business Standard): Financial Technologies (India) Ltd
(FTIL) on Friday announced the appointment of JM Financial
Institutional Securities Ltd as financial adviser for divestment of
stake in Multi Commodity Exchange (MCX).
On February 27, FTIL had appointed a committee to look at the group's restructuring, including sale of stake in MCX.
In an order in December, the Forward Markets Commission had said FTIL should reduce its stake in MCX from 26 per cent to less than two per cent, as it wasn't 'fit and proper' to run a commodity exchange. This followed a Rs 55.74-billion default at FTIL-owned National Spot Exchange Ltd in August 2013.
On February 27, FTIL had appointed a committee to look at the group's restructuring, including sale of stake in MCX.
In an order in December, the Forward Markets Commission had said FTIL should reduce its stake in MCX from 26 per cent to less than two per cent, as it wasn't 'fit and proper' to run a commodity exchange. This followed a Rs 55.74-billion default at FTIL-owned National Spot Exchange Ltd in August 2013.
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