Jignesh Shah-led Financial Technologies India Ltd (FTIL) will focus on its core software business, and chart a new path for growth, Venkat Chary, Chairman and independent non-executive director, said.
Policy decision“We have taken a policy decision to exit the exchanges and regulatory businesses,” Mr. Venkat Chary said on the sidelines of the company’s 26 annual general meeting (AGM) in Chennai. “We are a core technology solution provider and a software company. So, sky is the limit as far as software is concerned. There is enough scope for innovation,’’ he added. Financial Technologies has been under regulatory glare over a Rs.5,600-crore payment crisis that surfaced at its subsidiary National Spot Exchange Limited (NSEL) last year. This also led to the arrest of Jignesh Shah on May 7. He was later released on bail.
The company’s exit from exchanges business is triggered after Forward Markets Commission declared Financial Technologies as ‘unfit’ to run any bourses, post the NSEL issue.
Mr. Shah was present at the AGM, but declined to speak to the media.
