Jignesh Shah-led Financial Technologies India Ltd (FTIL), which has been declared unfit to run an exchange and ordered to pare its stake in MCX to 2 per cent from 26 per cent now, will have to divest its entire stake as per the new guidelines.
In the wake of the Rs.5,600 crore payment crisis at NSEL, commodity markets regulator Forward Markets Commission has tightened shareholding norms, under which an entity declared unfit to run an exchange cannot hold any stake in it.
“In the event of any person ceasing to be a ‘fit and proper person’ or being declared so by the Commission, such person shall forthwith divest his shareholding,” the FMC said in its new guidelines.
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Until the shares are divested, the voting rights of such entities should be withdrawn, the FMC said.