PH Ravikumar, former chairman, NCDEX Non-Exec Chairman, SKS Micro says while the arrest comes as a surprise, what is critical now is decoupling the fortunes of Shah from the fortunes of Financial Technologies and MCX.
Post the arrest of National Spot Exchange Limited (NSEL) former managing director Jignesh Shah most market experts are now harping on the need to protect investors and the exchange itself.
Speaking to CNBC-TV18, PH Ravikumar, former chairman, NCDEX Non-Exec Chairman, SKS Micro says while the arrest comes as a surprise, what is critical now is decoupling the fortunes of Shah from the fortunes of Financial Technologies and MCX. Financial Technologies is promoted by NSEL.
Ravikumar says the arrest puts under spotlight the role of the market regulators, who he adds need to be made more accountable in order to prevent further scams.
Rajnikant Patel, former managing director and chief executive officer, BSE, disagrees and says the regulator has done all it could.
"The regulator has done its bit by putting in independent directors, new equity and governance guidelines. However, ringfencing by promoters is needed now," he adds before highlighting that the exchange shouldn't be put at risk by regulations that may harm its continuity.
Shah came under scanner last year, when his group company NSEL faced a payment crisis and nearly 18,000 investors allegedly lost millions in late July.
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Financial Tech stock price
On May 07, 2014, Financial Technologies closed at Rs 291.25, down Rs 8.7, or 2.9 percent. The 52-week high of the share was Rs 870.30 and the 52-week low was Rs 102.05.
The company's trailing 12-month (TTM) EPS was at Rs 50.03 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 5.82. 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 0.50.
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