Financial Technologies (India) Ltd. slumped by its trading limit in Mumbai after Chairman Jignesh Shah was arrested by the police as part of an investigation into the biggest payment default in India’s commodity market.
Financial Technologies (India) Ltd., which controls the nation’s biggest commodity futures exchange, lost more than half of its value after a subsidiary that runs a spot bourse suspended trading in some contracts.
Financial Technologies (India) Ltd., the founder of the Multi Commodity Exchange of India Ltd., will need to trim its holding in the nation’s biggest bourse after the regulator said it was unfit to own a controlling stake.
IntercontinentalExchange Group Inc. agreed to buy Singapore Mercantile Exchange Pte for $150 million to add commodity futures trading in Asia, where China reigns as the biggest user of everything from energy to metals.
Investigators probing the biggest payment default in India’s commodity market seized assets and properties worth $487 million from exchange officials and defaulters that may be used to clear dues to investors.
Financial Technologies (India) Ltd. is set for its biggest decline in almost two years after the nation’s stock market regulator rejected an application by a unit to set up a bourse for trading securities.
India is planning to combine the stock and commodities market regulators after a payment crisis led to the collapse of the nation’s biggest spot exchange, three people with direct knowledge of the matter said.