Jan 07, 2014, 08.58 PM IST
The FMC order of Dec 17, which had deemed Jignesh Shah and FTIL as unfit and improper to run an exchange, had triggered SEBI slapping a showcause notice on FTIL on Dec 20. The FMC order, since then, has been challenged before the Bombay HC.
Tags Financial Technologies, market regulator , Sebi, Jignesh Shah, MCX-SX, Bombay HC
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Sebi adjourns personal hearing with FTIL to Jan 13
The FMC order of Dec 17, which had deemed Jignesh Shah and FTIL as unfit and improper to run an exchange, had triggered SEBI slapping a showcause notice on FTIL on Dec 20. The FMC order, since then, has been challenged before the Bombay HC.
Like this story, share it with millions of investors on M3
Sebi adjourns personal hearing with FTIL to Jan 13
The FMC order of Dec 17, which had deemed Jignesh Shah and FTIL as unfit and improper to run an exchange, had triggered SEBI slapping a showcause notice on FTIL on Dec 20. The FMC order, since then, has been challenged before the Bombay HC.
The FMC order of Dec 17, which had deemed Jignesh Shah and FTIL as unfit and improper to run an exchange, had triggered SEBI slapping a showcause notice on FTIL on Dec 20. The FMC order, since then, has been challenged before the Bombay HC.
Also read: Financial Tech jumps 10% on MCX stake sale buzz
Sebi notice had questioned why FTIL should be considered "fit and proper" for operating a stock exchange. The show-cause had also questioned why FTIL should not be directed to pare its stake in MCX -SX. FTIL currently holds 4.99% in MCX-SX. FTIL, alongside MCX, also holds convertible warrants, which represent a 69% stake, upon conversion. The show-cause also questioned why the market regulator should not intiate action against FTIL.
All eyes are now on the Bombay HC, which will begin hearing the petitions challenging FMC's "fit and proper" order, on Jan 8.
Financial Tech stock price
On January 07, 2014, Financial Technologies closed at Rs 271.45, up Rs 24.65, or 9.99 percent. The 52-week high of the share was Rs 1197.90 and the 52-week low was Rs 102.05.
The company's trailing 12-month (TTM) EPS was at Rs 61.96 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 4.38. The latest book value of the company is Rs 580.93 per share. At current value, the price-to-book value of the company is 0.47.
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