FMC to issue order on MCX promoters' status next week

Dec 13, 2013, 05.49 PM IST

Sources say there is a high chance that Jignesh Shah, Joseph Massey and Srikant Javalgekar might be declared unfit and unproper for holding share in exchange.

Tags  FMC, MCX, Jignesh Shah, Joseph Massey, Srikant Javalgekar

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FMC to issue order on MCX promoters' status next week

Sources say there is a high chance that Jignesh Shah, Joseph Massey and Srikant Javalgekar might be declared unfit and unproper for holding share in exchange.

Like this story, share it with millions of investors on M3

FMC to issue order on MCX promoters' status next week

Sources say there is a high chance that Jignesh Shah, Joseph Massey and Srikant Javalgekar might be declared unfit and unproper for holding share in exchange.

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FMC's legal order on fit and proper status of  MCX promoters is ready. After Monday, the commodity market regulator is likely to release the order or announce the specific day of next week for releasing it, sources told CNBC Awaaz.

Sources say there is a high chance that Jignesh Shah, Joseph Massey and Srikant Javalgekar might be declared unfit and inproper for holding stake in the exchange.

Also read: NSEL case: Defaulter agrees to pay Rs 42.7cr

The report will dilute the shareholding of all three promoters. Once the order is put up for release, they can only hold up to 2 percent stake in the exchange, said sources. Currently, Financial Technologies hold 26 percent.

MCX India stock price

On December 13, 2013, Multi Commodity Exchange of India closed at Rs 397.80, down Rs 13.05, or 3.18 percent. The 52-week high of the share was Rs 1539.00 and the 52-week low was Rs 238.30.

The company's trailing 12-month (TTM) EPS was at Rs 47.00 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 8.46. The latest book value of the company is Rs 226.82 per share. At current value, the price-to-book value of the company is 1.75.

Action in Multi Commodity Exchange of India

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