Govt now considering board changes in FTIL

  |   28 October, 2014   |   815   |   3980

After issuing a proposal order to merge National Spot Exchange Ltd (NSEL) with Financial Technologies (India) Ltd, the government is considering another to make a complete or partial change in the board of the merged entity. 



“Consultation among various government departments is on. We will also consider the ideas put forth by FMC,” said a senior government official. The Forward Markets Commission (FMC), the commodities market regulator,  had  suggested a takeover of the FTIL  management.



Jignesh Shah, promoter of FTIL, is being probed by city police’s economic offences wing for his role in NSEL’s Rs 5,600-payment crisis. FTIL shares closed 4.6 per cent down on Monday at the BSE, at Rs 186.90.