SAT asks FTIL to approach Sebi to seek more time

Tags: News
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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • State-owned banks can ride technology surge to penetrate retail segment

    For the first time in recent history, two large private sectors banks, ICICI and Axis have reduced their headcounts.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Amita Sharma

The rabbit hole of outcome budgets

Would you tell me, please, which way I ought to ...

Zehra Naqvi

Dignity of labour is dignity of life

M Rafi Khan, a retired police IG, used to ...

Gautam Gupta

Retailers have it tough, thanks to e-commerce

For the past few months our focus has been on ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture