Financial Technologies Group
 | |
| Public company | |
| Traded as |
BSE: FINTECH NSE: FINANTECH |
| Industry | Computer services on finance/banking[1] |
| Founded | 1988 |
| Headquarters | Chennai, India[2] |
Key people | Jignesh Shah, Chairman and Group CEO[3] |
| Products | Stock exchange |
| Revenue | ₹6.18 billion (US$91 million) (2010)[4] |
Number of employees | 1100 as of 31 March 2012[2] |
| Slogan | Creating Markets Unlocking Value |
| Website | www.ftindia.com |
Financial Technologies (India) Limited is an Indian financial services company, formed in 1988. It is promoted by the Financial Technologies Group. The group offers technology IP (Intellectual Property) to create and trade on financial markets, across asset classes including equities, commodities, currencies and bonds among others.[2] The group is also promoter of National Spot Exchange which and is supposed to have engineered 5600 crore NSEL scam. Various government agencies have held FTIL responsible for fraud and its ex CMD Jignesh Shah was arrested for various charges of fraud and criminal breach of trust.
Evolution
The company commenced operations in 1988 starting off with the development of technology products that served to connect the financial markets. Financial Technologies Group was founded by Jignesh Shah.[5] It had its first IPO in 1995. The company's foray into the exchange business was established when it introduced India's first derivatives trading platform. It went on to establishing similar exchanges connecting fast growing economies.
Products
The group has three business divisions comprising ten Exchange Ventures, six Ecosystem Ventures, and multiple technology offerings. It operates one of the world's network of exchanges connecting financial markets of fast-growing economies of Africa, Middle East, India and South East Asia.
NSEL Fraud
For more see NSEL scam
FTIL is held not 'fit and proper' by the forward market commission and has been severely criticized for its role in its 99.999% subsidiary NSEL (National Spot Exchange Ltd). The union of India has moved a petition in Company law Board to replace the directors of FTIL with government nominees.
Subsidiaries
- Atom Technologies , a Mumbai company offering payment processing systems.[6]
Departments
- Enterprise Solutions Group, a consulting initiative of FT. Established in 2000, the objective of ESG is to maximize the organization's gain from its IT investments.
Industries served By ESG are Banking, Financial Services, Insurance, Telecom, Software Companies, Corporate, Government, Public Sector
FTIL-SMX Stake
In the year 2013, shares of Financial Technologies (India) Ltd settled 2% higher in-line with a sluggish stock market after the company announced sale of its Singapore-based bourse Singapore Mercantile Exchange (SMX) for USD 150 million (Rs 931 crore) to InterContinentalExchange. [7]
See also
References
- ↑ Type
- 1 2 3 Investor FAQ
- ↑
- ↑ "BSE Plus". Bseindia.com. Retrieved 25 September 2010.
- ↑ "Financial Tech to set up exchange in Mauritius". Business Standard. 30 November 2006. Retrieved 29 April 2009.
- ↑ Archived 24 July 2009 at the Wayback Machine
- ↑ "FTIL shares settle 2% higher on deal to sell SMX stake". Economic Times. 19 November 2013.