Financial Technologies in focus ahead of Bombay High Court hearing on FMC order

The stock has rallied over 60% in past four trading sessions compared to nearly 1% fall in benchmark S&P BSE Sensex.

Shares of Financial Technologies India (FTIL) is locked in upper circuit for second straight day, up 10% at Rs 299 on the BSE, ahead of the Bombay High Court (HC) hearing on the petition challenging Forward Market Commission (FMC) order.

On December 17, the commodities market regulator FMC had said the Financial Technologies group, its promoter Jignesh Shah as well as senior executive Joseph Massey were not fit and proper to run or own a substantial stake in Multi Commodity Exchange (MCX).

FTIL’s appeal against the commodities market regulator is likely to be heard by the HC on Wednesday, according to the Business Standard report.

The report also suggests that the market regulator Securities and Exchange Board of India (Sebi) has agreed to postpone FTIL’s hearing to next week, after the high court hears the appeal against FMC’s order, added report.

On Tuesday, the Sebi had summoned FTIL for a hearing on a show cause notice, questioning its 'fit and proper' status to run MCX-SX.

The stock opened at Rs 299 and hit a low of Rs 290 in early morning deals on the BSE. At 0920 hours, a combined 740,000 shares have changed hands and there are pending buy orders for around 700,000 shares on the BSE and NSE.

Meanwhile, the stock has zoomed 61% in past four trading sessions from Rs 186 on January 2 compared to nearly 1% fall in benchmark S&P BSE Sensex.

Shares of MCX, on the other hand was up 4% at Rs 615 on the BSE. The stock opened at Rs 601 and touched high of Rs 622 so far.