MCX shares financial details with FTIL's financial adviser

Crisis-hit Multi Commodity Exchange (MCX) today provided financial and other details as sought by its promoter FTIL's financial adviser for the purpose of stake divestment in the bourse.
Jignesh Shah-promoted Financial Technologies (India) Ltd (FTIL) has to reduce its stake in MCX to 2 per cent from the current 26 per cent stake to comply with the regulatory norms following the NSEL payment crisis of Rs 5,600 crore.
MCX has appointed JM Financial Institutional Securities Ltd (JM) to scout for investors willing to take the stake in MCX. As part of due diligence, the JM has sought certain information from the bourse.

In a BSE filing, providing certain details to the exchange, MCX said that it "proposes to share the information with the JM and as a prudent corporate practise also wish to make the same available to other shareholders of the company by submitting the same to BSE with a request to disseminate the same on its website under its corporate announcement section".
In the filing, MCX has provided information about income from operation, break up of other income and expenses. It has also provided details of the exchange's fixed deposits with banks, bank balance, investment and loans.
That apart, the exchange has submitted details of of FIIs and FDI shareholding in the company from April 4, 2014 among others, it added.

MCX said that "it is given to understand" that FTIL has initiated the process of divestment of its holding in MCX. The purpose of sharing this information was to "avoid a situation whereby some shareholders are privy to more information than other shareholders".
Shah-led group as well as FTIL are grappling with multiple woes in the wake of the Rs 5,600 crore payment crisis at its group firm National Spot Exchange Ltd (NSEL).
Commodity markets regulator Forward Markets Commission (FMC), had ruled that FTIL and Shah were not 'fit and proper' to hold more than 2 per cent stake in any commodity exchange. The order has been challenged in the court.