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Capital market regulator SEBI has granted Financial Technologies exemption from the mandatory lock-in of 2 per cent stake in the Multi Commodity Exchange.
The lock-in is lifted only to pave the way for FTIL to meet the commodity market regulator, Forward Markets Commission’s revised norms that do not permit a tainted entity to hold stake in the commodity exchange.
“After examining your (FTIL) request, the competent authority has decided to grant relaxation from the strict enforcement of Regulation 36 of SEBI (Issue of Capital and Disclosure Requirements) 2009, in respect of the balance 1.99 per cent share held by FTIL in MCX,” said SEBI.
The relaxation has been granted considering the peculiar nature of the case and cannot be construed as a precedent to obtain similar exemptions in future, SEBI said.
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