FTIL, MCX shares fall up to 3.5% on FMC ruling

Shares of Financial Technologies India Ltd (FTIL) and Multi Commodity Exchange of India (MCX) on Thursday fell up to 3.5 per cent following an order by commodity market regulator FMC which said Jignesh Shah and his FTIL were not 'fit and proper' to run any exchange in the country. FTIL shares ended 3.45 per cent lower at Rs 161.05 on the BSE stock exchange. Similarly, MCX was down 1.48 per cent to Rs 415.10. Shah founded MCX in November 2003 and went on to set up a stock exchange this year. He is currently the chairman of FTIL which owns and runs National Spot Exchange Ltd (NSEL) where a Rs 5,500 crore payment crisis is being probed by multiple agencies. In an 80-page order, the Forward Markets Commission (FMC), which went into the running of NSEL following payment defaults, held FTIL was not a 'fit and proper person' to hold anything more than two per cent shareholding in the MCX. FTIL currently has 26 per cent stake in MCX, the country's largest commodity exchange, and will need to cut its stake following the FM order.