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Market regulator Sebi has adjourned a hearing of Financial Technologies India's (FTIL) to next month pending Bombay High Court (HC) decision on a matter related to the company's 'fit & proper' status to operate an exchange.
The hearing before Sebi is in relation to a show cause notice (SCN) issued by the market regulator in December to FTIL questioning its 'fit and proper' status to hold stake in stock exchange MCX-SX.
Sebi's SCN followed an order passed by the commodity market regulator FMC declaring FTIL not 'fit and proper' to own a substantial stake in Multi Commodity Exchange (MCX).
The order has been challenged by the company before the Bombay HC, who is likely to take up the issue on February 28.
