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Mumbai: Multi Commodity Exchange of India Ltd (MCX) on Friday released its earnings to the stock exchanges in response to information sought by JM Financial Institutional Securities Pvt. Ltd, which is advising MCX’s parent Financial Technologies (India) Ltd (FTIL) on a stake sale.

MCX said its total income from operations was 276.7 crore in the nine months ended 31 December, according to its unaudited financial accounts. The company generated 248.9 crore from transaction fees. It also said it has 320.8 crore as cash and cash equivalents in its books, of which 287.8 crore is in the form of fixed deposits with banks. MCX also has invested 849.8 crore in mutual funds and 128.4 crore in warrants of MCX Stock Exchange Ltd.

According to this disclosure, MCX has short-term loan of 85 crore and long-term loan of 47.5 crore. It has collected 211.5 crore as trading margin from its members.

MCX also disclosed that foreign institutional investors hold 19.85% of the company and foreign corporate bodies hold 7.54%.

The board of MCX on 7 February asked FTIL to lower its current holding of 26% in the commodity exchange to 2%, as ordered by the commodities market regulator Forward Markets Commission (FMC). The board also moved to limit the voting rights of FTIL to 2%.

FTIL had criticized MCX’s decision by saying that it was based on FMC’s directive. “The FMC order is sub-judice before the Bombay high court. Within the constraints imposed by the matter being sub-judice, FTIL can only say that the FMC order is not sustainable in law, and will be vigorously contested."

FTIL in its filing with BSE on 7 March had said that it has appointed JM Financial as its financial adviser for selling its stake in MCX. FTIL plans to sell a 24% stake in MCX as ordered by FMC.

FMC had on 17 December declared FTIL was not “fit and proper" to run an exchange after a probe into its subsidiary National Spot Exchange Ltd’s operations following a 5,574.34 payments crisis at the commodities spot exchange.

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