A company that brought revolutionary extension in the Indian economyand once dominated the stock exchange markets is Jignesh Shah’s Financial Technologies India Limited (FTIL). It was FTIL that supplied the capital markets with automated software and contributed to the growth of the whole finance industry.In current times, FTIL is encumbered with numerous legal battles because of the NSEL matter that had surfaced in 2013.
Here are some crucial facts about FTIL that require critical examination:
1. FTIL is the parent company of NSEL, yet none of the promoters or the company was in receipt of any benefit from the NSEL operations. It is pertinent to ask then, on what grounds legal actions have been taken against FTIL?
2. FMC is not doing any follow ups from those who had traded the contracts to acquire clients. Considering that the actual transactions took place between the broking houses and the investors,strict actions need to be taken against the parties involved.
3. No money trail has been found leading to NSEL or its management team,orFTIL. What could be the reasons for such harsh conduct by the investigating agencies towards NSEL and FTIL?
4. FTIL is declared ‘not fit and proper’ to run stock exchanges while it was this company that enormously contributed to the financial markets with its innovative approach and skillful workforce. It was FTIL that once increased the GDP of whole nation by a huge percentage.
5. The matter has been taken up by the courts on priority.Even then none of the allegations have attained any closure. It clearly shows a very casual approach of the regulatory bodies towards FTIL and the associated investors.
Apart from the above revelation, there is lot more to the FTIL’s side of story that needs to be put before the masses for a clearer view of the company.