FTIL completes exit from MCX Jignesh shahs promoted Financial - TopicsExpress



          

FTIL completes exit from MCX Jignesh shahs promoted Financial Technologies has fully exited from Multi Commodity Exchange. Today the company sold 5% on stock exchanges. MCX was promoted by it in 2003 and it has to exit following FMC order declaring it not fit to run the exchange. These shares have been bought by SBI life, IDFC, Reliance MF among others. With todays sale, FTIL totally sold 26% stakeand raised Rs 892.18 crore. Exit by FTIL also opens door for MCX to get approvals for its plans and contracts without which MCX was strangulating as FMC was not approving its contracts. MCX volumes were not rising and in last few days it started falling sharply simply because there were hardly one or two contracts left limiting hedging options and positions could not be carried forward. There is no contract beyond December on MCX as of now. Read more at:
Posted on: Thu, 28 Aug 2014 04:00:01 +0000

Trending Topics



Recently Viewed Topics




© 2015