Financial Technologies (India) (Code : 526881) jumped in negative market on reports that the company and Multi Commodity Exchange of India reduced their stakes in MCX Stock Exchange to pave the way for the launch of its stock trading platform. At the end of the divestment process that began in July 2009, investors, including 18 banks, will together hold a 90% stake in MCX Stock Exchange (MCX-SX). Promoters Financial Technologies (India) (FTIL) and Multi Commodity Exchange of India (MCX) will own 5% each. MCX-SX was in the process of completing its compliance with Securities and Exchange Board of India (Sebi)’s Manner of Increasing and Maintaining Public Shareholding in Recognised Exchanges (MIMPS) Regulations 2006 in order to start operations in other segments of the capital market, subject to regulatory approvals. FTIL and MCX have reportedly brought down their stake in MCX-SX from a combined 70% to 10%. The company, having equity capital of
just Rs. 9.22 crore is still attractive. Watch out
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