Financial Technologies falls after govt bans e-series contracts
The government has asked the NSEL, a subsidiary of the company, to discontinue trading in e-series contracts.
Financial Technologies has slipped 15% to Rs 168 on reports that the government has asked the National Spot Exchange Ltd (NSEL), a subsidiary of the company, to discontinue trading in e-series contracts.
The ministry has also asked the exchange to seek fresh permission for launching e-series contracts, which enabled retail investors to buy and sell gold, silver, copper, zinc, lead, nickel and platinum in the demat form, the Business Standard report suggests.
The e-series contract volumes of Rs 250-300 crore accounted for almost 30% of NSEL’s trade volumes in July, added the report.
The stock opened at Rs 178 and hit a low of Rs 149 on BSE. A combined 4.42 million shares changed hands on the counter till 0945 hours on BSE and NSE.
The ministry has also asked the exchange to seek fresh permission for launching e-series contracts, which enabled retail investors to buy and sell gold, silver, copper, zinc, lead, nickel and platinum in the demat form, the Business Standard report suggests.
The e-series contract volumes of Rs 250-300 crore accounted for almost 30% of NSEL’s trade volumes in July, added the report.
The stock opened at Rs 178 and hit a low of Rs 149 on BSE. A combined 4.42 million shares changed hands on the counter till 0945 hours on BSE and NSE.