Kotak Group may buy stake in MCX: Stock locked in upper circuit, FT up over 10%

Shares of Multi Commodity Exchange are on a roll on reports that the Kotak Group, which has interests in the commodity business, is keen to acquire MCX, the listed commodity futures bourse promoted by Jignesh Shah-led Financial Technologies, if regulatory authorities and investigation force Shah to put its holding on the block.

Shares of Financial Technologies are also trading over 10 per cent on the BSE.

According to market sources, National Stock Exchange (NSE) — Jignesh Shah's arch rival and India's largest stock exchange — has sold off almost its entire stake in MCX over the past three weeks to insulate itself from the current controversy.

In a separate development, commodity regulator Forward Markets Commission ( FMC) has decided to hold a meeting on Tuesday with some institutional shareholders of MCX to discuss, among other things, the future of the exchange.

And amid all this, a leading financial services group and another smaller exchange along with some private equity investors are eyeing FT's 26 per cent stake in MCX.

At 09:30 a.m.; the stock was at locked at 5 per cent upper circuit at Rs 307.70 on 1.13 crore shares.