FTIL to receive dividend from IEX: Supreme Court
FTIL was required to sell its 26% stake in the exchange after the CERC asked the company to divest it
New Delhi: The Supreme Court on Tuesday allowed Financial Technologies India Ltd (FTIL) to receive a dividend accrued from its stake in the Indian Energy Exchange.
The company has begun selling its shares in the IEX.
FTIL was required to sell its 26% stake in the exchange after the Central Electricity Regulatory Commission asked the company to divest it.
CERC’s order came after capital markets regulator Securities and Exchange Board of India (Sebi) declared FTIL and its promoter Jignesh Shah unfit to hold a stake in any stock exchange or clearing corporation.
The regulatory orders followed a ₹ 5,574 crore fraud at the National Spot Exchange Ltd, in which FTIL owns a 99.99% stake.
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