Financial Technologies sinks 15% on e-series ban

Stocks

oi-Sunil

By Sunil Fernandes

Published: Tuesday, August 6, 2013, 10:59 [IST]

After a brief recovery in the stock of Financial technologies on Monday, after clarifications by the management, the stock sank 15% today on reports that the govt has decided to ban the e-series contract trading on National Spot Exchange.

Financial Technologies is the owner of National Spot Exchange, which has been in the news for possible defaults.

The stock was last trading at Rs 169, down 15 per cent over Monday's closing.

NSEL said it has formed an independent panel to advise and monitor the process for settling Rs 5,600 crore dues and wanted strict action against brokers not cooperating with the payment plan.

Meanwhile, the government said that Forward Markets Commission, which regulates commodity trading, will be empowered to oversee the NSEL settlement.

NSEL promoter Financial Technologies' CMD Jignesh Shah said, "We have constituted an independent committee of eminent persons for advising and monitoring the five-month payout process in an orderly manner and we will take strict action against members not cooperating with the settlement plan."

With inputs from PTI