The Multi Commodity Exchange of India said the voting rights of promoter Financial Technologies (India) Ltd (FTIL) will be capped at 2 % with immediate effect.
The decision was taken yesterday at a board meeting that considered an action plan to comply with the order of the Forward Markets Commission (FMC) directing the MCX to ensure that FTIL reduces its stake in the exchange to 2 per cent from 26 percent, according to a BSE filing.
The FMC on December 17 declared FTIL and its chief Jignesh Shah unfit to run any exchange, including the MCX, following a Rs 5,600-crore payment crisis at the National Spot Exchange Ltd (NSEL), a group company. The regulator said FTIL is not 'fit and proper' to hold more than a 2 percent stake in the MCX. FTIL, which had been given a month's time until January 26 by the MCX board to divest its stake, did not comply on the grounds that it had challenged the FMC's order in the Bombay High Court.
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