FTIL set to exit IEX, to sell remaining 0.37% stake

New Delhi: Financial Technologies has entered into an agreement with Madison India Opportunities for selling its remaining 0.37 percent stake in Indian Energy Exchange for nearly Rs 8 crore.

"Upon concluding of the above transaction, the holding of the company in IEX will become nil," FTIL said in a regulatory filing.

Jignesh Shah-led Financial Technologies (India) Ltd had nearly 26 percent stake in the largest power trading exchange IEX. The company started divesting stake in the bourse following the order by power sector regulator CERC to divest its entire stake in the power exchange.

The move followed the then commodity markets regulator FMC declaring FTIL and the promoter unfit to run exchange business following the payment crisis at its subsidiary NSEL.

Similarly, the Securities and Exchange Board of India (Sebi) had said FTIL is not fit and proper to own stakes in any stock exchange and directed it to divest existing holdings in MCX-SX and four other entities.