No financial commitment or exposure with NSEL: MCX

Both are two different entities promoted by Financial Technologies (India)

Staying away from the ongoing “payment crisis” faced by one of the group companies - the National Spot Exchange Ltd (NSEL) - the Multi Commodity Exchange (MCX) has clarified that the futures exchange has no financial commitment or exposure with the spot one.

Both are two different entities promoted by the Financial Technologies (India). In a clarification to the Bombay Stock Exchange (BSE), MCX managing director Shreekant Javalgekar, managing director, said, “We do not have any financial commitment or exposure with the NSEL whatsoever.”

MCX is an extremely sound regulated entity. It has a strong debt-free balance sheet with a networth in excess of Rs 1,200 crore as on June 30, 2013.

For the year ended March 2013, it reported a net profit of Rs 298.64 crore and for the quarter ended June 30, 2013 the exchange has reported a net profit of Rs 60.12 crore.