MCX is readying for options trading in commodities and currency derivatives. The Multi Commodity Exchange has asked four technology service providers to submit request for proposals, also known as RFPs. Mrugank Paranjape, the Managing Director and CEO of MCX said, “We are exploring the possibility of engaging a new service provider for currency and have […]
FTIL making compromise on opportunity costs
Nevertheless, it is clearly specified in MCA’s application for 396 regarding merger that no money trail is established to either FTIL or its promoters. Yet the kind of actions undertaken regarding FTIL has led to a condition where dire strait is probably an understatement. Undeterred by circumstances Desai expressed his positivity, as he acknowledges such […]
EOW ceases Prashant Desai FTIL operations in their new order
Prashant Desai in his recent interview with ZEE business news made some statements defending FTIL. He was asked by an interviewer if he has anything to say on EOW’s new move in this case and their decision to put a hold on FTIL’s daily operations. Talking about the matter he stated that 1 year back […]
FTIL salaries and other expenses to be disbursed, asserts HC
The Bombay High Court recently ordered the release of money needed for salaries and other statutory expenses from FTIL’s bank accounts that had been attached by the Economic Offences Wing (EOW) of Mumbai Police. This came as a major and much needed respite for the employees of Financial Technologies (India) Limited (FTIL). The EOW had […]
Jignesh Shah to prove himself, yet again
One just gets baffled at the news of what has been happening in Jignesh Shah’s life. After all, he is the undisputed king of the commodities market in India. This is the second time he has been under this sort of a situation in the time span of two years which seems to be unjustified. […]
MCA blind-folded towards real defaulters
The forcible merger of NSEL into its promoter, Financial Technologies (India) Ltd (FTIL) has evoked a huge response and quivered the pillars of the prevailing system of administration of justice. The case of FTIL promoting NSEL and being merged together for bearing the latter’s responsibilities, is against the Indian law and order apart from being […]
Injustice to Financial Technologies
It is surprising to note that Forward Markets Commission (FMC) never let NSEL management handle recovery and never partnered NSEL’s recovery effort. In fact, the FMC kept taking decisions to destabilize recovery and keep defaulters away from being the focal point. If the Department of Consumer Affairs (DCA) had accepted NSEL’s suggestion of orderly closure […]