"The Commission will meet on May 6 to take a view and decision on the compliance status of MCX on implementation of the 'fit and proper' order against FTIL and actions taken on the (PwC) audit report of MCX," Forward Markets Commission Chairman Ramesh Abhishek told PTI.
The FMC had warned MCX that it would not renew contracts, allow new contracts and eventually take away the licence to run the bourse if the commodity exchange does not comply with regulatory norms.
The FMC, which went into the running of group company National Spot Exchange Ltd following a Rs 5,500-crore (Rs 55-billion) payment crisis, had issued an order in December declaring Financial Technologies India Ltd 'not fit and proper' to hold more than a 2 per cent stake in Multi Commodity Exchange.
The FMC also asked MCX to take concrete steps towards this direction and gave it a deadline till today to ensure FTIL pares its stake to 2 per cent from the current 26
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