MCX board asks parent FTIL to cut stake by 2%

The board of directors of Multi Commodity Exchange (MCX) on Friday asked its promoter entity, Jignesh Shah-promoted Financial Technologies India Ltd to “immediately” cut its equity holding below 2 per cent from the current level of 26 per cent.

“With effect from the date of the order of the Forward Markets Commission (FMC), they could not any longer hold 2 per cent or more of the equity capital,” the MCX board said in a statement.

On December 17, in the wake of the National Spot Exchange payments crisis, FMC had decided that FTIL had breached the ‘fit and proper’ requirement to be an anchor investor in MCX.