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FTIL rebuts CBI’s allegations

Financial Technologies (FTIL) has refuted allegations by made by the Central Bureau of Investigation (CBI) while filing a first information report in the MCX-SX licence grant case.

In an exchange filing, the FTIL said the accusation by the investigating agency that buy-back agreements were illegal “does not hold ground”.

“The Bombay High Court, in its order, (Page No. 145 Para VII) had ruled that “the buy-back agreement cannot be held to be illegal as found in the impugned order of the Whole Timer Member of SEBI on the ground that they constitute forward contacts. Hence, the accusation of CBI does not hold ground,”it said.

On the accusation that the buyback agreement was not disclosed to SEBI at the time of application for extension of MCX-SX license, FTIL said,”The application was filed by the exchange, and not by the promoter-company. Therefore, the promoter is not liable for the matter.”

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