SAT asks FTIL to approach Sebi to seek more time

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The Securities Appellate Tribunal (SAT) has asked Jignesh Shah-promoted Financial Technologies to approach Sebi for seeking extension of time for divesting existing holdings in MCX-SX and four other entities.

SAT, in its yesterday's order, allowed "applicant (Financial Technologies India Ltd (FTIL) to move Sebi seeking extension of time."

"If such application is made, Sebi would consider it on its merit and pass appropriate order thereon," it added.

The Securities and Exchange Board of India (Sebi) in March had declared FTIL as not "fit and proper" to own stake in exchanges or clearing corporations, and directed it to sell its stake in all the exchanges.

The regulator had directed FTIL to offload direct and indirect holdings in MCX Stock Exchange (MCX-SX), MCX-SX Clearing Corporation (MCX-SX CCL), Delhi Stock Exchange (DSE), Vadodara Stock Exchange (VSE) and National Stock Exchange within 90 days. As of now, FTIL holds 5 per cent equity stake MCX-SX

FTIL moved the SAT against the Sebi order. In July, SAT upheld the Sebi order and gave FTIL four weeks to abide by the regulator's order.

However, the time granted by SAT and Sebi to FTIL for divesting stakes had already expired. The tribunal said that since FTIL is seeking further time, "it would be just and proper for applicant to move Sebi in that behalf.

"Accordingly, we permit applicant to move Sebi seeking extension of time," SAT noted.

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