FTIL to contest MCX directive

Financial Technologies India Ltd. (FTIL), on Saturday, refuted the directives of the Multi Commodity Exchange (MCX) to reduce its stake in the commodity exchange from around 26 per cent to below 2 per cent as prescribed by the Forward Markets Commission (FMC).

The MCX board, on Friday, asked FTIL to reduce its stake in MCX to less than 2 per cent as directed by the commodity market regulator on December 17, 2013.

Refuting the MCX directive, FTIL said: “The FMC order is sub-judice before the Bombay High Court. Within the constraints imposed by the matter being sub-judice, FTIL can only say that the FMC order is not sustainable in law, and will be vigorously contested.”