The commodity market regulator Forward Markets Commission (FMC) meet Multi Commodity Exchange (MCX) officials there on 6th May 2014 and examined the progress of the exchange in compliance of the order to cut the participation of parents FTIL 2% from the current 26 percent.
MCX departing director General and CEO Manoj Vaish met with officials of the FMC and discussed the progress of divesting, said an official here MCX, without elaborating.
The FMC wanted to get a vision and decision on the status of implementation of MCX in the implementation of the order "fit and proper" against Financial Technologies (India) Ltd (FTIL) and the steps taken in the audit report PwC in the bag.
Earlier, FMC warned MCX not be renewed the contracts or allow new contracts and optionally remove his license to run the stock if the exchange did not fulfill their orders.
FMC hosted the meeting after the FTIL efforts promoted by the employer Jignesh Shah, to sell a 24 percent stake in MCX seemed to have hit temporarily road blockage, with the prospective tenderers including Reliance Capital, by requiring that PwC audit results be shared with them.
Reliance Capital, which is analyzes buying participation in MCX, has also called on FMC to cancel all agreements between the bag and the FTIL.
The FMC, which came into performance of the enterprise the National Spot Exchange Group (NSEL), following a crisis payment of Rs 5,600 crore, had issued a warrant in December claiming FTIL "ineligibility" to maintain stake than 2 percent in MCX. Currently, the promoters hold 26 percent in the commodity exchange.
The FMC had asked to MCX take specific action to ensuring that FTIL decreases its shareholding to 2 percent in Exchange. Although FTIL established MCX, no longer controls the exchange after the order of the FMC.
News By Economictimes
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MCX departing director General and CEO Manoj Vaish met with officials of the FMC and discussed the progress of divesting, said an official here MCX, without elaborating.
The FMC wanted to get a vision and decision on the status of implementation of MCX in the implementation of the order "fit and proper" against Financial Technologies (India) Ltd (FTIL) and the steps taken in the audit report PwC in the bag.
Earlier, FMC warned MCX not be renewed the contracts or allow new contracts and optionally remove his license to run the stock if the exchange did not fulfill their orders.
FMC hosted the meeting after the FTIL efforts promoted by the employer Jignesh Shah, to sell a 24 percent stake in MCX seemed to have hit temporarily road blockage, with the prospective tenderers including Reliance Capital, by requiring that PwC audit results be shared with them.
Reliance Capital, which is analyzes buying participation in MCX, has also called on FMC to cancel all agreements between the bag and the FTIL.
The FMC, which came into performance of the enterprise the National Spot Exchange Group (NSEL), following a crisis payment of Rs 5,600 crore, had issued a warrant in December claiming FTIL "ineligibility" to maintain stake than 2 percent in MCX. Currently, the promoters hold 26 percent in the commodity exchange.
The FMC had asked to MCX take specific action to ensuring that FTIL decreases its shareholding to 2 percent in Exchange. Although FTIL established MCX, no longer controls the exchange after the order of the FMC.
News By Economictimes
Get more FMC, MCX Commodity market news & updates with 100McxTips. Follow our latest market tweets @100mcxtipsand Like our Facebook profile page : https://www.facebook.com/100mcxtips
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