Enforcement Directorate moves to attach FTIL’s Rs 1065 cr Demat assets

ftil63 moons technologies ltd, formerly known as Financial Technologies, said it received a provisional attachment order from the Directorate of Enforcement, Mumbai, attaching securities amounting to face value of Rs 1,065 crore in its demat account.

In India, shares and securities are held electronically in a dematerialized (or “Demat”) account, instead of the investor taking physical possession of certificates.

The company is taking appropriate steps in consultation with the legal counsel of the company in this matter, it said.

This move is a follow up to the arrest of Financial Technologies India Ltd’s founder Jignesh Shah by the Central Bureau of Investigation (CBI) two weeks back in a case relating to the grant of recognition for MCX Stock Exchange (MCX-SX) in 2008.

The company had, on 22nd of last month, said an attachment order for about Rs 300 cr worth of mutual fund assets of the company was issued by Enforcement Directorate. On 30 Sept, the company said it was informed that the ED has issued an order to freeze its demat accounts.

Financial Technologies Group, founded by Jignesh Shah in 1988, offers technology IP to create and trade on financial markets, across asset classes including equities, commodities, currencies and bonds among others.

FTIL was held not ‘fit and proper’ by the forward market commission and its role in its 99.999% subsidiary NSEL (National Spot Exchange Ltd) was questioned.



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