FTIL shares fall, GK Pillai resigns as chairman of MCX-SX

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26 Aug, 2025 12:21

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Moneycontrol Bureau

Shares of Financial Technologies (FTIL) remained under pressure from early trade, losing as much as 5 percent intraday Friday. After a board meeting, the MCX Stock Exchange (MCX-SX) announced that FTIL and MCX have been re-classified from the category of promoter shareholder to public shareholder.

MCX and FTIL have 37.98 percent and 33.86 percent shareholding in MCX-SX while rest of the stake is held by public sector and private sector banks along with financial firms as on December 2013.

MCX-SX, which started functioning in 2013 after SEBI notified a recognised stock exchange in December 2012, was set up by FTIL.

The board further said GK Pillai has stepped down as chairman of MCX-SX and it elected Thomas Mathew T, former chairman LIC as the chairman of the exchange.

It also appointed Ashima Goyal, professor at Indira Gandhi Institute of Development Research (IGIDR) as the vice chairperson of the exchange.

The board dismissed speculative reports claiming that several board members are likely to put in their resignations.

Saurabh Sarkar, MD & CEO, MCX-SX said, “The board meeting was as per the schedule and planned one month in advance. G K Pillai the outgoing chairman has played a key role in ring-fencing the exchange at a critical juncture and helped bring stability to the exchange. All other directors continue to be on the board and we look forward to guidance from Thomas Mathew T and Ashima Goyal.”

The management of the exchange also announced that the ongoing rights issue (in the ratio of 2:1) has received good response and the exchange has also received expression of interest from new investors. Hence the exercise of a preferential allotment post the rights issue may be considered, the release said.

Meanwhile, Central Bureau of Investigation (CBI) has registered a preliminary enquiry against Jignesh Shah-led FTIL and MCX, reports CNBC-TV18 quoting sources.

CBI also registered a preliminary enquiry against former SEBI chairman CB Bhave and former MCX board member KM Abraham.

It is learnt that the preliminary enquiry is related to alleged irregularities in giving recognition to the MCX-SX by the SEBI in 2008 and renewing the recognition in 2009 & 2010.

Promoter Jignesh Shah and promoter group hold 45.63 percent stake in FTIL that holds 26 percent stake in Multi-Commodity Exchange of India (MCX).

Sources told CNBC-TV18 that CBI carried out searches at offices of National Spot Exchange.

Sources said the board members of the exchange feel that CBI enquiry would jeopardise the prospects of MCX-SX and make it difficult to get any strategic investors. The original promoters of MCX-SX have been issued show-cause notices by regulator SEBI after another regulator FMC ruled they were not "fit and proper" to run any exchange in the wake of NSEL fallout.

The NSEL, promoted by FTIL, has defaulted payments worth Rs 5,600 crore.

At 14:02 hours IST, the stock slipped 3.10 percent to Rs 366.30 on the Bombay Stock Exchange.