Financial Technologies posts net loss of Rs 35 crore in Q2

Financial Technologies (FTIL) on Wednesday reported a net loss of Rs 34.99 crore for the quarter ended September 30, due to fall in other income. The company had reported a net profit of Rs 327.41 crore in the year-ago period. The total income during July-September quarter of the current fiscal fell to Rs 66.88 crore from Rs 213.97 crore in the year-ago period, as per company's BSE filing.

Jignesh Shah-led FTIL has exited from commodity exchange business in India and abroad after the then commodity markets regulator FMC declared the company and the promoter unfit to run the business following the payment crisis at its subsidiary NSEL. Following the FMC order, Securities and Exchange Board of India (Sebi) had said FTIL is not fit and proper to own stakes in any stock exchange and directed it to divest existing holdings in MCX-SX and four other entities. Power sector regulator CERC had also issued an order saying decisions of Sebi and FMC have a direct bearing on the power market.

Corporate Affairs Ministry also in October this year had sought an extension till December 31 for passing final order as to whether the company and NSEL should be amalgamated or not.