FTIL examining Sebi’s ruling over owning stakes

Financial Technologies on Thursday said it is examining Sebi’s ruling that it is not “fit and proper” to own stakes in any stock exchange.

“We wish to inform you that our legal team is examining the Sebi order and the company will take appropriate steps as suggested by the lawyers in due course of time,” Financial Technologies India Ltd (FTIL) said in regulatory filing to the stock exchanges.

The Securities and Exchange Board of India (Sebi), on Wednesday, directed Jignesh Shah-led FTIL to sell shares in MCX-SX and other entities within 90 days on the ground that it was not “fit and proper” to own stakes in any exchange.

On reports that FTIL is looking for buyer in Mauritius business, the company said it would not like to offer any comments.

“As a responsible corporate and as a matter of good corporate governance practice, any price sensitive information pertaining to operations or performance of the company, or such other information as required under Clause 36 of the Listing Agreement, will be first notified to the stock exchanges to comply with the Listing Agreement,” FTIL added.