Financial Technologies (FTIL) (now 63 Moons) founder Jignesh Shah and current Chairman Venkat Chary held a press conference, contesting an order of the Securities and Exchange Board of India charging 13 individuals with insider trading. The conference became a stormy affair, with mediapersons asking tough questions about the Rs 5,600-crore National Spot Exchange (NSEL) default. To a question on how FTIL kept everyone in the dark with what was happening at its fully-owned subsidiary NSEL, the 77-year-old Chary said, “It’s not a fully-owned subsidiary, it is a 99.99 per cent subsidiary.” His answer left most people present at the event scratching their heads trying to figure out the difference between the two.
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