MCX Stock Exchange has extinguished warrants held by Financial Technologies and transferred Rs 56.25 crore non-refundable interest free deposit issued against the warranted to the capital reserve.
The development will increase the exchange networth to Rs 160 crore from Rs 110 crore and help meet SEBI minimum networth criteria of Rs 100 crore.
The decision to cancel the warrants was taken by the board after perusing legal opinion on the SEBI order dated March 19 and Securities Appellate Tribunal order dated July 9 regarding the warrants held by Financial Technologies.
Earlier this year, the exchange shifted MCX and FTIL from “Promoter Category” to “Public Category”.
Meanwhile, the Comptroller and Auditor General of India has informed that it has concluded the supplementary audit of the financial statements of MCX-SX for the year ended March, 2014 and has mentioned that nothing significant had come to their notice which would give rise to any further comment or supplement to the Auditors’ Report, said MCX-SX in a statement.
The Exchange has shifted its corporate office to its new premises at Bandra Kurla Complex in Mumbai.
Saurabh Sarkar, Managing Director, MCX SX stated that “We are poised for a complete turnaround in the next few months. The recent developments will improve the sentiments of potential investors and restore the faith of the market participants on the turnaround of our exchange.”