The Bombay High Court today refused to grant an interim stay on FMC's order which declared Financial Technologies and Jignesh Shah not fit.
Last year, FMC passed an order on 17 December which stated FTIL is not fit to hold stake in any of the exchanges in the country therefore forcing FTIL to divest its stake in all its exchanges in India and abroad.
Following the order FTIL has already sold three exchanges and one ecosystem venture but has sought to dismiss the FMCs order.
Financial Technologies has also filed a public interest litigation in the Bombay High Court against the government's draft order proposing to merge the crisis-hit exchange NSEL with the parent FTIL.
Source: http://www.business-standard.com/
Last year, FMC passed an order on 17 December which stated FTIL is not fit to hold stake in any of the exchanges in the country therefore forcing FTIL to divest its stake in all its exchanges in India and abroad.
Following the order FTIL has already sold three exchanges and one ecosystem venture but has sought to dismiss the FMCs order.
Financial Technologies has also filed a public interest litigation in the Bombay High Court against the government's draft order proposing to merge the crisis-hit exchange NSEL with the parent FTIL.
Source: http://www.business-standard.com/
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