A court in Mumbai on Monday rejected the bail application of Financial Technologies (India) Ltd promoter Jignesh Shah and remanded him to judicial custody till October 10.

Shah was arrested by the Central Bureau of Investigation last week in connection with a case against him for allegedly suppressing facts to get an extension for the stock exchange MCX-SX from market regulator Securities and Exchange Board of India.

As his CBI custody ended, he was produced before the special court for CBI cases on Monday which remanded him to judicial custody.

The court also rejected his bail application.

MCX-SX, promoted by Shah and others, had submitted an application in 2008 to SEBI, seeking extension of its recognition as an exchange for currency futures trade.

MCX-SX promoters had entered into a share buy-back arrangement with Punjab National Bank, L&FS and IFCI in violation of Securities Contract Regulation Act and Securities Contract (Regulation) (Manner of Increasing and Maintaining Public Shareholdings in Recognised Stock Exchanges) Regulation, 2006, according to the CBI.