Shares of Financial Technologies India (FTIL) and Multi Commodity Exchange of India (MC) are trading lower by over 4% each, extending their Friday’s fall, on reports that the government is set to launch an inquiry against the Financial Technologies Group based on the findings of multiple agencies and regulators investigating National Spot Exchange Ltd (NSEL).
The probe, to be conducted by the Ministry of Corporate Affairs, is based on a report by the finance ministry that has been shared with the ministry and regulators, the Economic Times report suggests.
The FTIL group comprises technology solutions firm Financial Technologies, listed commodity futures exchange MCX, NSEL, stock exchange arm MCX-SX and power exchange IEX.
Meanwhile, Sebi, the capital market regulator has been looking into the matter for possible violation of rules governing brokers, portfolio management activities, insider trading, listing agreement, fraudulent and unfair trade practices, and the norms for promoter entities for stock exchanges, the PTI report suggests.
Among the individual stocks, FTIL has tanked 9% to Rs 138, extending its over 4% fall on Friday, while MCX was down 4% at Rs 386 on the BSE.
The probe, to be conducted by the Ministry of Corporate Affairs, is based on a report by the finance ministry that has been shared with the ministry and regulators, the Economic Times report suggests.
The FTIL group comprises technology solutions firm Financial Technologies, listed commodity futures exchange MCX, NSEL, stock exchange arm MCX-SX and power exchange IEX.
Meanwhile, Sebi, the capital market regulator has been looking into the matter for possible violation of rules governing brokers, portfolio management activities, insider trading, listing agreement, fraudulent and unfair trade practices, and the norms for promoter entities for stock exchanges, the PTI report suggests.
Among the individual stocks, FTIL has tanked 9% to Rs 138, extending its over 4% fall on Friday, while MCX was down 4% at Rs 386 on the BSE.
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