India's Forward Markets Commission Deems Financial Technologies (India), Jignesh Shah, Joseph Massey And Shreekant Javalgekar To Be Not A ‘Fit And Proper Person’

Late on Tuesday, India's Forward Markets Commission barred Financial Technologies (India) Ltd.from running Multi Commodity Exchange of India in the wake of alleged trading irregularities at another exchange.

The FMC said that Jignesh Shah and his firm FTIL are not 'fit and proper' to run any exchange in the country and charged him of being the "highest beneficiary" in the NSEL scam.

The FMC also ordered Joseph Massey and Shreekant Javalgekar, former directors of MCX, not  to be a 'fit and proper' person to hold any position in the management and the Board of any Exchange.

Forward Markets Commission also ordered Financial Technologies to pare down its stake to 2% from 26% in the exchange, saying there was evidence of misconduct and lack of integrity in controlling the activities of its subsidiary company National Spot Exchange Ltd.

Click here to download the Forward Markets Commission's 80-page order.