Financial Tech says no liability due to NSEL's trading halt

MUMBAI (Reuters) - Financial Technologies said on Thursday that the National Spot Exchange's (NSEL) decision to stop trading in their contracts does not entail any financial liability on FTIL, and it is business as usual for them.

FTIL owns substantial stakes in both NSEL and Multi Commodity Exchange of India .

"We are confident that NSEL will resolve the situation within the contours of its Bye-laws and Rules," said Jignesh Shah, chairman and managing director of Financial Technologies.

NSEL on Thursday suspended trading in its one-day forward contracts till further notice, and decided to merge the delivery and settlement of all pending contracts, raising concerns about defaults to customers.

 

Later, Anjani Sinha, chief executive of the spot exchange, told a television channel it has sufficient physical stocks to cover its outstanding exposure.

(Reporting by Himank Sharma & Siddesh Mayenkar; Editing by Prateek Chatterjee)