Financial Tech, MCX rally up to 5.4% on board rejig

MUMBAI: Shares of Financial Technologies India and Multi Commodity Exchange of India today gained up to 5.4 per cent, after MCX Stock Exchange founder Jignesh Shah and its Managing Director Joseph Massey resigned from the bourse's board.

Reacting to the news that was announced in the post market hours yesterday, FTIL stock jumped 5.43 per cent to Rs 173.50 at the BSE.

Similarly, MCX shares surged 4.99 per cent to Rs 425 - its upper circuit limit.

Jignesh Shah and Joseph Massey resigned from the bourse's board yesterday, amid Rs 5,600 crore payment crisis at group company NSEL.

MCX-SX Ltd is promoted by Financial Technologies Group that also runs spot commodity exchange NSEL, which is engulfed in a crisis after it stopped trading on all contracts on July 31 on government directives.

"Jignesh Shah resigned as Vice-Chairman and shareholder-director of the exchange with immediate effect," MCX-SX had said yesterday. Shah is the promoter of Financial Technologies Group.

Massey has also resigned as Managing Director and Chief Executive of MCX-SX, and as shareholder-director with immediate effect, it had said.

The high profile exits come at a time when Financial Technologies-promoted National Spot Exchange Ltd (NSEL) is facing crisis due to non-payment of dues to 13,000 investors.

MCX-SX said Sebi has nominated former LIC chief Thomas Mathew T as the bourse's Public Interest Director.

"As an interim arrangement, U Venkataraman, whole-time Director, will assist a Special Committee of Public Interest Directors in carrying out the functions of the exchange," it said yesterday.