MCX to advise FTIL for implementation of FMC order

Posted By: Religare
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MCX to advise FTIL for implementation of FMC order
The Multi Commodity Exchange of India Ltd (MCX) announced on Thursday that the company has decided to provide advice to Financial Technologies (India) Limited to implement the FMC Order dated December 17, 2013 by reducing its stake in the Company from 26 per cent to 2 per cent or below, within a period of 1 month hereof.

"The Board of Directors of the Company at its meeting held on December 26, 2013, inter alia, decided to advise Financial Technologies (India) Limited to implement FMC Order dated December 17, 2013 by reducing its stake in the Company from 26% to 2% or below, within a period of 1 month hereof, withdraw the representation of FTIL - Mr. Miten Mehta, on MCX Board in view of FMC letter dated December 26, 2013", the Multi Commodity Exchange of India Ltd (MCX) said in a filing to the Bombay Stock Exchange (BSE).

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