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Industrial Products India, Industrial Manufacturers & Suppliers
 




 
   
 
 
 

NSEL crisis: Financial Tech recover

NSEL crisis: Financial Tech recovers as default worries recede

Financial Technologies shares made a sharp recovery on Friday after the Forward Markets Commission said the regulator had no immediate worries that the National Spot Exchange Ltd (NSEL) could default on open contracts after the commodities exchange this week suspended trading in forward contracts.
Financial Technologies shares traded 14 per cent lower at Rs. 164.45 on the BSE after earlier falling as much as 45 per cent to a low of Rs. 105.50. The stock hit a high of Rs. 178.85 after the regulator said the NSEL is very confident that they will be able to honour their obligations for all the open contracts.
Financial Technologies shares have come under severe selling pressure since the suspension of trading in its subsidiary National Spot Exchange Ltd.
The National Stock Exchange has said that there will be no new F&O contracts in Financial Tech until market wide limit is cut.
Shares in MCX, a Financial Tech promoted company, were locked down in lower circuit for a second straight day. MCX shares were down 20 per cent at Rs. 409.65.
NSEL has suspended trading in forwards and delayed settlements of contracts for 15 days, citing a fall in volumes after India's commodities regulator asked exchanges two weeks ago not to launch new forwards contracts.

 
     
 
   
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