Financial Technologies seeks more time to sell stake in MCX

MUMBAI: The Financial Technologies (FT) board said it would take two weeks more to attain a final bid for its stake in commodity bourse MCX and that all the shortlisted bidders continue to be interested in the divestment process.

The board will reconvene on May 24. FT, the promoter of MCX, holding 26% in the bourse, has to divest its stake in the bourse after having been found unfit by commodity market regulator FMC to own shares in it following a scam at its subsidiary NSEL.

“The board deliberated on the divestment process and decided that further time needs to be given in the light of developments that have come on May 9,” the board said citing MCX’s update to the BSE wherein the bourse said it had provided the stock exchange with the material information forming part of the special audit report by PwC.