<p>Reacting sharply to the Sebi's move, shares of Financial Technologies (FTIL) tanked 9.46 per cent in the start of the session to a four-week low of Rs 1,242 on the Bombay Stock Exchange (BSE).<br /><br />Yesterday, Sebi had rejected the plea of MCX Stock Exchange Ltd (MCX-SX), saying shareholding norms had been violated and that its promoters lacked honesty.<br />FTIL shares also witnessed a steep decline on the National Stock Exchange and plunged 9.37 per cent to a low of Rs 1244.30.<br /><br />"The fall in the shares is just the knee-jerk reaction as the investors became nervous after the Sebi rejected the MCX-SX application," CNI Research CMD Kishore P Ostwal said.<br />MCX-SX is promoted by India's largest commodity bourse MCX and another group company FTIL, and currently offers trading in currency futures only.<br /><br />In April, MCX-SX had applied to deal in interest rate derivatives, equity, futures and options on equity and wholesale debt segments and all other segments where BSE and NSE have a presence.<br /><br />Meanwhile, the 30-share benchmark Sensex also started the day on a weak note for the third consecutive session and was trading at 19,833.52, down 27.49 points from the previous close.</p>
<p>Reacting sharply to the Sebi's move, shares of Financial Technologies (FTIL) tanked 9.46 per cent in the start of the session to a four-week low of Rs 1,242 on the Bombay Stock Exchange (BSE).<br /><br />Yesterday, Sebi had rejected the plea of MCX Stock Exchange Ltd (MCX-SX), saying shareholding norms had been violated and that its promoters lacked honesty.<br />FTIL shares also witnessed a steep decline on the National Stock Exchange and plunged 9.37 per cent to a low of Rs 1244.30.<br /><br />"The fall in the shares is just the knee-jerk reaction as the investors became nervous after the Sebi rejected the MCX-SX application," CNI Research CMD Kishore P Ostwal said.<br />MCX-SX is promoted by India's largest commodity bourse MCX and another group company FTIL, and currently offers trading in currency futures only.<br /><br />In April, MCX-SX had applied to deal in interest rate derivatives, equity, futures and options on equity and wholesale debt segments and all other segments where BSE and NSE have a presence.<br /><br />Meanwhile, the 30-share benchmark Sensex also started the day on a weak note for the third consecutive session and was trading at 19,833.52, down 27.49 points from the previous close.</p>