FTIL voting rights in MCX capped at 2%

The Multi-Commodity Exchange of India on Saturday said voting rights of promoter Financial Technologies (India) Ltd (FTIL) will be capped at 2 per cent.

The decision was taken on Friday at a board meeting that considered an action plan to comply with the order of the Forward Markets Commission (FMC) directing MCX to ensure that FTIL reduces its stake in FTIL to 2 per cent from 26 per cent, as per a BSE filing.

The FMC on December 17 declared FTIL and its chief Jignesh Shah unfit to run any exchange, including the MCX, following a Rs 5,600-crore payment crisis at the National Spot Exchange Ltd (NSEL), a group company. The regulator said FTIL is not 'fit and proper' to hold more than a 2 per cent stake in the MCX.