Financial Techologies looks for M&As
Mumbai: Financial Technologies plans to raise
$200 million through equity to fund its expansion plans in India. The company is looking for merger and acquisition opportunities, in the next six to seven months, said Jignesh Shah, chairman and managing director, Financial Technologies and MD and CEO, Multi Commodity Exchange.

Shah clarified that the proposed IPO of commodity bourse MCX (Multi Commodity Exchange) has not hit a roadblock. He said the Rs 330-crore IPO would be rolled out as soon as the government allows foreign institutional investment in commodity futures. Shah added that Financial Technologies is going for a major expansion in its services model without giving any details.
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MCX to launch national spot exchanges
Mumbai: The Multi-Commodity Exchange of India (MCX) plans to launch its national spot exchanges by mid of December in three states of the country.

The spot exchanges would work on a unique model that would be all inclusive.

The names of the states where the national spot exchanges would come up and the details of the model on which they would be based was not revealed.

According to an MCX official, these spot exchanges will be a physical delivery market with a short time frame compared to the futures market.

Earlier, the National Commodity and Derivatives Exchange (NCDEX) had announced that it has plans to launch electronic spot exchanges across the country by end of this year.
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Indiabulls' share allotment
Mumbai: Indiabulls Financial Services has informed that it has issued and allotted 72.5 lakh fully paid-up equity shares of face value Rs2 each at an issue price of Rs417 a equity share, aggregating Rs302.32 crore through preferential allotment to Crown Capital, a sub-account of Deutsche International Trust Corporation (Mauritius). Crown Capital is a wholly-owned subsidiary of Sovereign Global Investment.
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Cabinet to consider amendments in Sebi Act
New Delhi: A comprehensive legislation to amend the Sebi Act is expected to come up in the winter session of Parliament, beginning November 22. The amendments are expected to give the market regulator more powers.

The comprehensive amendment to Sebi Act is aimed at addressing the gaps in the legislation so that judicial settlement processes do not remain torturous, according to Sebi chairman M Damodaran.

At present, the fines provided in the Act to deal with manipulators of markets were quite mild. Therefore, there was a strong case for imposing large fines so that they act as a deterrent for scamsters.

The amendment is likely to provide for 'disgorgement', which means money amassed through unethical business transactions are paid back with interest to those affected by the action.

The Sebi amendment may include 'pre-bargaining' whereby entities do not admit their irregularities but pay fine.

The provision of disgorgement would arm Sebi to impose fine on those committing irregularities, and would act as deterrent to recurrence of misconduct in the capital market, Damodaran said.
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