Billionaire Jignesh Shah-promoted Financial Technologies today said it will launch three new international exchanges, including Bahrain Financial Exchange and Singapore Mercantile Exchange, this year.
Market regulator SEBI has asked the new stock exchange MCX-SX to explain why it should be given permission to start trade in equities in view of issues relating to its shareholding, including by Financial Technologies and commodity exchange MCX.
Last year, there was almost 16 per cent increase in hiring by the Global Capability Centres in India.
Financial Technologies-promoted National Spot Exchange (NSEL) plans to introduce an e-gold conversion facility. This will allow buyers to purchase physical gold in the electronic format, store it in a demat account and convert it into jewellery as and when they wish.
Market regulator, the Securities and Exchange Board of India, on Monday said one person named Jignesh Shah was found involved in price manipulation in stock markets and has imposed a fine of Rs 2.5 lakh (Rs 250,000) on him.
Colleges are witnessing more offers, with better salary packages. Median salary packages offered have improved over last year.
The court, later in the day, allowed his application.
The Gulf region is set to gain another financial exchange after Financial Technologies, an Indian trading technology company, announced its plans on Wednesday, to set up an operation in Bahrain next year.
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MCX-SX was set up by FTIL 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.
The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) are set to have some serious competition. Reliance Money, controlled by the Anil Dhirubhai Ambani Group, and Financial Technologies India Ltd (FTIL), which operates one of the world's largest exchange networks, are exploring the option of setting up their own equity exchanges.
The Financial Technologies India group has inked a deal to acquire 60 per cent stake in Botswana-based Bourse Africa.
The exchange's promoters-- Financial Technologies (India) Ltd and commodity bourse Multi Commodity Exchange (MCX)-- have already divested 30 per cent stake in the stock exchange to various public and private banks and institutions.
The turmoil in financial markets seems to be affecting the global expansion plans of Financial Technologies, promoter of top domestic commodity bourse MCX, and trading at its overseas exchange ventures in Singapore, Mauritius and Bahrain may get delayed by about a year.
Soon, there will be an exchange-like platform for trading in loans.
Commodity futures exchanges are set for another round of equity restructuring with the Forward Markets Commission, the regulator, currently finalising guidelines that will require anchor investors to prune their equity holding to 26 per cent from the present 40 per cent after three years but before five years.
Many of India's fintech entities and banks have stored all their customer data in India; however, many do use foreign servers, for operations, providing services and for data analytics.
The London Stock Exchange, the world's third largest exchange in terms of value of shares traded, is in talks with Financial Technologies to buy a stake in its stock exchange arm MCX-SX.
MCX Stock Exchange, set up by crisis-hit NSEL's promoters, on Friday appointed Saurabh Sarkar as CEO and announced plans for fresh capital infusion by its existing shareholders among measures to boost business.
'We were number one in commodity, currency, electricity, bonds, spot and everything. 'The purpose was to create an accident and then exploit it to eliminate the group. There were so many vested interests and therefore they did this," said Shah.
The exchange, Indian Energy Exchange (IEX), received bids for 13,176 Mwh of power when operation commenced and the transaction took place in the price range between Rs 6.46/kwh and Rs 8.01/kwh. Power will be delivered on Saturday as IEX is trading a day ahead currently.
From being a BSE employee, to starting Financial Technologies, to building the MCX, it has been an incredible journey for Dewang Neralla.
The government needs to make the right policies and further execute them properly if it wants to move towards this goal
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The National Spot Exchange Ltd, promoted by Jignesh Shah-led Financial Technologies, is facing a Rs 5,600-crore (Rs 56-billion) settlement crisis.
The Cabinet Committee of Economic Affairs is all set to announce the guidelines for FDI in commodity exchanges. Following this, the Forward Markets Commission is expected to submit the proposal for ownership structure of exchanges before the Union ministry of consumer affairs.
Manoj Vaish on Saturday took charge as Managing Director and CEO of the country's leading commodity exchange MCX that is under the regulatory glare following troubles at the promoter group.
Indian Energy Exchange has joined world's leading power exchanges like Powernext (France), EEX (Germany, Northern Europe), PJM (USA), JEPX (Japan and Norway's Nordpool which is the largest power exchange in the world). IEX, India's first power exchange got its approval from CERC on August 31, 2007. It is promoted by Financial Technologies Ltd & PTC financial services, a wholly owned subsidiary of PTC India Ltd. Joseph Massey, Deputy MD of MCX, is in charge of the exchange.
Allegations of a particular market player being favoured over others were flying thick and fast in the early days of the scam.
The exchange has always seen huge volumes in gold trading. But due to a fall in prices, volumes took a hit.
These investments from strategic international partners would provide Indian commodity markets and MCX access to global know how and technology making them more efficient, competitive and transparent institutions globally.
The Bombay Stock Exchange, Asia's oldest stock exchange, plans to launch a separate trading platform for small and medium enterprises. Sources close to the development said the BSE was preparing a strategy for an SME exchange.
You can now pay all your bills with your phone.
Indian Energy Exchange Ltd, a joint venture of Financial Technologies (India) Ltd and Multi Commodity Exchange, could be just one step away from getting approval to set up the country's first power exchange.
The Economic Offences Wing (EOW) of the Mumbai city police is expected to file a First Information Report (FIR) against Jignesh Shah, promoter of Financial Technologies and vice-chairman of National Spot Exchange (NSEL), and former senior management officials in connection with the current payment crisis.
The Safal National Exchange, an on-line spot exchange based in Bangalore has begun online spot trading in mangoes.
The stage is all set for a battle among stock exchanges for setting up separate exchanges for small and medium enterprises as they top bourses.
Hedgeloop, Accuracap and other entities are pioneering a growing market and attracting much interest from businesses by using software to make informed decisions in this area
Shah, the forty-year-old managing director and CEO of Multi Commodity Exchange speaks about how he created this empire in a decade.
MCX Stock Exchange on Tuesday said it has received approval from capital markets regulator.
75 per cent of new Internet users will come from rural areas
The Ministry's decision comes more than a year after the payment scam at NSEL came into light in July 2013.
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