Shares of Jignesh Shah-led Financial Technologies (India) Ltd (FTIL) and MCX today fell sharply amid a probe initiated by CBI into grant of licence to MCX Stock Exchange over five years ago.
MCX-SX was set up by FTIL and MCX, but they have been now classified as ‘public shareholders’ as against ‘promoters’ earlier, pursuant to a SEBI-ordered restructuring of its board and governance structure.
A day after CBI registered a preliminary enquiry against FTIL and MCX as also two former top SEBI officials in a matter related to the grant of licence to MCX-SX, the shares of the two listed companies fell sharply this morning.
FTIL was down 3.6 per cent at ₹364.40, while shares of commodity exchange MCX were trading 4.6 per cent lower at ₹491.95 at the BSE in late morning trade.
The group has been facing trouble ever since National Spot Exchange Ltd (NSEL), another entity set up by the same promoters, got engulfed in a major payment crisis, putting a question mark on their ‘fit and proper’ status to run an exchange.