Financial Technologies (India) Ltd on Monday alleged that the National Stock Exchange, which has kept it on the 'watch-list', was also attempting to remove the firm from the panel of software vendors.
An interview with Jignesh Shah.
The bourse had proposed to settle all dues amounting to Rs 5,574.31 crore (Rs 55.74 billion) in 30 weeks, according to a settlement schedule issued by NSEL on August 16.
Financial Technologies India Ltd (FTIL) promoter Jignesh Shah, whose 'fit-and-proper' status to run an exchange has been under regulatory scrutiny following the Rs 5,600-crore payment fraud at NSEL, on Tuesday decided to continue as a director of group firm Multi Commodity Exchange (MCX).
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.
From being a BSE employee, to starting Financial Technologies, to building the MCX, it has been an incredible journey for Dewang Neralla.
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.
Financial Technologies India Ltd, the main promoter of India's largest commodity exchange MCX, on Thursday said it has acquired 90 per cent stake in a South Africa-based ICX Platform (Pty) Ltd for $1.5 million (about Rs 6 crore).Financial Technologies has acquired 90 per cent stake in ICX Platform (Pty) Ltd, a technology company situated at Johannesburg, South Africa, the firm said in a filing to the Bombay Stock Exchange.
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.
Financial Technologies India Ltd, media house TV18 and Liberty Shoes are among the seven bidders interested in buying a stake in Delhi Stock Exchange as the defunct bourse gets ready to restart operations.
You can now pay all your bills with your phone.
Around 200 brokers are said to be involved in the scam; they have been summoned for questioning. Major brokerages questioned by the EoW so far include Anand Rathi, Motilal Oswal, India Infoline and Geojit Comtrade.
Dubai Gold and Commodities Exchange, the world's newest commodities exchange and the first such marketplace in the Middle East, started trading this morning.
The Dubai Gold and Commodities Exchange, set up by Dubai and two partners from India and the first electronic multi-commodity derivatives exchange in the Middle East, will commence trading in November this year in precious metals contracts.
The NSEL scam, involving Rs 5,600 crore, came to light after the now defunct exchange, promoted by Financial Technologies, failed to pay its investors.
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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.
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.
Leading stock exchanges BSE and NSE have barred three entities from trading on their platform after they defaulted on dues in connection with Rs 5,600 crore (Rs 56 billion) payment crisis at National Spot Exchange Ltd (NSEL).
The exchange also asked traders to square off their trading positions in three contracts -- gold February 2015, kapas March 2015 and kapas April 2015.
The Enforcement Directorate on Friday arrested the CEO of a defaulting firm on money laundering charge in connection with its probe in the National Spot Exchange Limited scam case.
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The government asked the NSEL to become a responsible guarantor to the Rs 5,600-crore (Rs 56-billion) dues to investors and meet its commitments.
The latest attachment order was issued by the central probe agency against Ms PD Agroprocessors Pvt Ltd, one the defaulters at the bourse.
This is the second such notice to the spot commodity exchange promoted by Financial Technologies India Ltd. A similar notice had been issued to the NSEL by the Consumer Affairs Ministry in 2012.
The Securities and Exchange Board of India, on Wednesday, directed Jignesh Shah-led FTIL to sell shares in MCX-SX and other entities within 90 days on the ground that it was not 'fit and proper' to own stakes in any exchange.
The Enforcement Directorate on Tuesday arrested Financial Technologies India Limited founder Jignesh Shah in connection with its probe into the Rs 5,600-crore National Spot Exchange Limited money laundering scam.
Jignesh Shah, the promoter of Financial Technologies India Ltd, on Wednesday resigned from the board of MCX Stock Exchange, amid continuing Rs 5,600 crore (Rs 56 billion) payment crisis at group company NSEL.
The crisis-hit NSEL is promoted by Jignesh Shah-led Financial Technologies (India) Ltd.
MCX said it has no exposure to crisis-hit NSEL, which has to settle dues worth Rs 5,600 crore to investors after it suspended trading.
Union minister Jairam Ramesh on Tuesday attacked the Central Bureau of Investigation for initiating preliminary enquiry against ex-SEBI chairman C B Bhave and ex-member K M Abraham on the issue of granting sanction to MCX Stock Exchange, and alleged that "larger forces" were working to fix them.
Two days after Mumbai Police attached his properties, Jignesh Shah, director of the beleaguered National Spot Exchange Ltd, on Thursday told investigators that he was making "relentless" efforts to recover money from defaulters.
In the last three financial years and in the current financial year till November 15, SFIO was asked to investigate 167 cases.
The Ministry of Corporate Affairs ordered the inspection of the books of accounts of NSEL and Financial Technologies India Ltd to ascertain if any rules under the Companies Act were violated, a senior official said.
Both Corporate Affairs and Finance Ministries are studying the feasibility of implementing the FMC's proposals.
To ensure faster recovery of dues for entities hit by the Rs 5,600-crore (Rs 56-billion) fraud at NSEL, the government last month ordered the merger of the bourse with its parent firm Financial Technologies (India) Ltd.
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The exchanges have observed significant price and volume movement in the scrips of MCX in the recent past.
Earlier this month, the CBI registered a Preliminary Enquiry against former Sebi Chairman C B Bhave and ex-member K M Abraham, as also against Jignesh Shah-founded FTIL and MCX, among others.
In a severe indictment, commodity market regulator FMC has said Jignesh Shah and his firm FTIL are not 'fit and proper' to run any exchange in the country and charged him of being the "highest beneficiary" in the NSEL scam.
Shah wants to focus this time on a mentoring role and help youngsters with innovative ideas live their entrepreneurship dreams by providing them a platform for "institutionalisation, globalisation and scaling up" of their ventures.
NSEL, promoted by Jignesh Shah-led Financial Technologies (India) Ltd, is facing the problem of settling Rs 5,500 crore.
On Tuesday, it stopped trading in e-series contracts in gold in anticipation of the notification to this effect.
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