FMC to issue order on MCX promoters' status next week

Sources say there is a high chance that Jignesh Shah, Joseph Massey and Srikant Javalgekar might be declared unfit and unproper for holding share in exchange.

December 14, 2013 / 12:54 IST

26 Aug, 2025 12:21

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FMC’s legal order on fit and proper status of MCX promoters is ready. After Monday, the commodity market regulator is likely to release the order or announce the specific day of next week for releasing it, sources told CNBC Awaaz.

Sources say there is a high chance that Jignesh Shah, Joseph Massey and Srikant Javalgekar might be declared unfit and inproper for holding stake in the exchange.

Also read: NSEL case: Defaulter agrees to pay Rs 42.7cr

The report will dilute the shareholding of all three promoters. Once the order is put up for release, they can only hold up to 2 percent stake in the exchange, said sources. Currently, Financial Technologies hold 26 percent.

first published: Dec 13, 2013 04:32 pm

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