MCX investors to meet FMC chief today

Institutional investors in MCX will meet the FMC chairman on Tuesday to seek clarity on what would happen if National Spot Exchange Ltd (NSEL) board members lose the 'fit and proper' status. Last week, FMC had written to the NSEL board that their "fit and proper status is at risk", after a default by the exchange. If the board loses the status, its members, including Jignesh Shah, vice-chairman and promoter of MCX's parent Financial Technologies (FT) group, would also have to resign from the MCX board. Investors in MCX have sought clarity on whether the FT group could continue to be the exchange's promoter. Some have said if the FT group is compelled to sell stake, a deal is possible.