Shah had been the chairman and managing director of Financial Technologies since January 2001 and now serves as group chief executive. He served as the chief business strategist at Financial Technologies.
The Financial Technologies and Multi-Multi Commodities Exchange (MCX) promoter Jignesh Shah was arrested today by the EoW of Mumbai Police for his alleged involvement in the Rs 5,600-crore National Spot Exchange Limited (NSEL) scam.
"We have arrested Jignesh Shah for his involvement in the NSEL scam," EoW sources told PTI here.
Shah came under scanner last year, when his group company NSEL faced a payment crisis and nearly 18,000 investors allegedly lost millions in late July.
Shah had been the chairman and managing director of Financial Technologies since January 2001 and now serves as group chief executive. He served as the chief business strategist at Financial Technologies.
With Shah's arrest, the total number of arrests in the scam has gone up to seven.
The first arrest was the spot exchange CEO Anjani Sinha last October. Sinha is currently in jail.
Since the NSEL crisis came to fore, the FTIL group, Shah and his close aide Joseph Massey came under increased regulatory scrutiny and was ordered by both the Sebi and FMC as not fit and proper to run any exchanges in the country.
Shah was a group chief executive of MCX Stock Exchange, promoted by the group. Significantly, his 26 percent holding has to be brought down to nil over the next three years and to 2 percent over the next 90 days, according to the regulators.
Besides being the founder chairman and group chief executive of Financial Technologies Group, Shah is also the founder of MCX, the world's eighth largest commodity futures exchange, in over 12 years.
Shah is a first-generation entrepreneur and the founder/promoter of the FTIL Group, founded in 1999. He was actively involved with the automation of the trading systems at Bombay Stock Exchange (BSE) and was also responsible for designing and implementing various modules of the back-office systems of BSE, particularly for market operations and surveillance.
Financial Tech stock price
On May 07, 2014, Financial Technologies closed at Rs 291.25, down Rs 8.7, or 2.9 percent. The 52-week high of the share was Rs 870.30 and the 52-week low was Rs 102.05.
The company's trailing 12-month (TTM) EPS was at Rs 50.03 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 5.82. The latest book value of the company is Rs 580.93 per share. At current value, the price-to-book value of the company is 0.50.
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