MAS force India-based Financial Technologies-India to exit from Singapore Mercantile Exchange as NSEL crisis deepens

The Financial Express, 20 Nov 2013
Jignesh Shah-owned Financial Technologies-India (FTIL) on Tuesday announced that it has sold its 100% stake in Singapore Mercantile Exchange (SMX) for $150 million to Intercontinental Exchange Group, which owns leading bourses like NYSE Euronext and New York Board of Trade. This is the first instance of FTIL selling stake in any of its overseas exchange holdings after the settlement crisis at the National Spot Exchange (NSEL) came to light in August.
According to persons familiar with the development, the sudden exit of FTIL from SMX could be at the behest of the Monetary Authority of Singapore (MAS), which is the financial services regulator of the country. The regulator has independent directors on the board of SMX and its views are always communicated in a tacit manner, they say. Full story

Financial Technologies Group sells Singapore arm SMX for $150 mn, Jignesh Shah gets cash to fight NSEL crisis - The Financial Express
FTIL sells SMX for $150 mn; clear dues, say NSEL investors - The Economic Times
FTIL sells SMX for $150 mn; clear dues, say NSEL investors - Zee News
NSEL crisis: Jignesh Shah gets emotional over SMX parting - The Financial Express

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