FTIL moves SC against FMC, Sebi's 'fit and proper' order

Written By Unknown on Jumat, 30 Januari 2015 | 23.25

The FMC order had declared FTIL as not 'fit and proper' to run exchanges. Taking cue from FMC, Sebi had also passed a similar order, directing FTIL to divest in stake in all stock exchanges.

Waging the battle against the Forward Markets Commission (FMC) and market regulator Sebi's 'fit and proper' order, Jignesh Shah led Financial Technologies ( FTIL ) has moved the Supreme Court, seeking relief. FTIL has appealed against the Bombay HC order that had upheld the FMC order of 2013.

The FMC order had declared FTIL as not 'fit and proper' to run exchanges. Taking cue from FMC, Sebi had also passed a similar order, directing FTIL to divest in stake in all stock exchanges.

After facing disappointment at the hands of Securities Appellate Tribunal (SAT), FTIL has filed another plea in SC challenging the Sebi order. FTIL's pleas will be heard by the SC on February 6.

Financial Tech stock price

On January 30, 2015, Financial Technologies closed at Rs 201.50, up Rs 5.85, or 2.99 percent. The 52-week high of the share was Rs 403.60 and the 52-week low was Rs 135.75.


The company's trailing 12-month (TTM) EPS was at Rs 25.80 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 7.81. The latest book value of the company is Rs 522.91 per share. At current value, the price-to-book value of the company is 0.39.


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