FTIL hearing at Sebi today

January 07, 2014 09:28

The Securities and Exchange Board of India has summoned Jignesh Shah-promoted Financial Technologies for a hearing on Tuesday.

In December 2013, Sebi had issued a showcause notice to FTIL, questioning its 'fit and proper' status to run MCX-SX.

The hearing is scheduled in the evening on Tuesday, sources said.

It could not be confirmed whether Jignesh Shah would personally attend the hearing along with FTIL's legal team.

FTIL owns a 4.99 per cent stake in MCX-SX and also convertible warrants, along with MCX, amounting to 69 per cent stake after conversion. FTIL will have to reduce its shareholding in the stock exchange substantially if Sebi declares it is not 'fit and proper'.

Both Sebi and FTIL officials couldn't be reached for comments.

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