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MARKET EYE-India's Financial Tech shares gain after 2-day slump
August 5, 2013 / 10:05 AM / 4 years ago

MARKET EYE-India's Financial Tech shares gain after 2-day slump

* Financial Technologies (India) Ltd shares gain 35
percent, recovering from a 73 percent fall in the previous two
sessions sparked after the commodity exchange suspended trading
in most forward contracts last week.  
* Chairman and CEO Jignesh Shah said at a news briefing on
Monday that its unit National Spot Exchange Ltd (NSEL) has set
up a four-member committee, including a former Bombay High Court
judge, a former chairman of the market regulator and former
chief secretary of the state of Maharashtra. 
* The announcement comes after NSEL said on Sunday that most of
its trading members had proposed settling outstanding contracts 
over several months after the suspension of forwards trading.
 
* Shah said trading members who do not fulfil their payment
obligations would be charged a 16 percent interest, without
clarifying on the time periods in which it would be applied. 
* The exchange is expected to announce the final settlement
schedule for all outstanding contracts on Aug. 14, Shah said.

 (himank.Sharma@thomsonreuters.com /
siddesh.mayenkar@thomsonreuters.com)

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