Home / Knowledge Hub / NSEL crisis: Financial Technologies Jignesh Shah gets emotional over SMX parting

NSEL crisis: Financial Technologies Jignesh Shah gets emotional over SMX parting

NSEL crisis: Financial Technologies Jignesh Shah gets emotional over SMX parting

Shah said: “It hurts us that because of NSEL, the market has to suffer … Please understand that this company should not be judged by NSEL. That is my humble request Please do not take away credit from the institution we have built. “

The emotional pitch increased the sale of its headquarters in Singapore SMX bag, Financial Technologies CEO and managing director Jignesh Shah today expressed feelings “mixed” on the way to say goodbye to an asset that had fed as a global institution.

The Financial Technologies (India) Ltd has announced the sale of Singapore Merchantile Exchange (SMX) for $ 150 million for U.S. Inter-Continental-Exchange (ICE). SMX FTIL share held through a wholly owned subsidiary of Financial Technologies Singapore Pte Ltd (FTSPL).

In a statement, Shah said: “He has mixed emotions about their split of an asset that had nurtured global showcase for an institution constructed with world class infrastructure and regulation Singapore along with technology and the Indian experience.”

Shah, however, said: “He will be happy to see him satisfaction scale new heights with distance under the ICE.”

Also desired for the future success of SMX and hopes that the success of the bag would inspire many more entrepreneurs of both countries.

“Their confidence in the board and management team has been vindicated and SMX have done an exemplary job of running your vision and make both, India and Singapore proud SMX growth in an institution recognized worldwide leader, replicating the successful FTIL history with MCX-SX, MCX and IEX at home, “said Shah.

Multi Commodity Exchange of India Ltd

Congratulating ICE in acquiring SMX, Shah said: “The SMX acquisition by ICE , is a testament to the India’s technological excellence and domain knowledge in the development and operation of world class financial markets and institutions are at par with global standards in all aspects, from the international financial center like Singapore “.

In September Shah, who is in trouble due to the payments crisis of Rs 5.6 billion rupees in the group the National Spot Exchange Ltd (NSEL), gave an emotional speech at the annual general meeting in Chennai FTIL .

He had said:  “It hurts us that because of NSEL, the market has to suffer … Please understand that this company should not be judged by NSEL. That is my humble request Please do not take away credit from the institution we have built. “

“The biggest loser is reputation. …I was enjoying market value and reputation at the higher value. You judge for yourself and I do not justify it, “ he had told reporters after the AGM.

Reported: Financial Express

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