MCX holding back vital information: Reliance Capital to FMC
NEW DELHI/ MUMBAI: Anil Ambani-led Reliance Capital, which is eyeing Financial Technologies' (FTIL) stake in Multi Commodity Exchange (MCX), has complained to the commodity market regulator that the bourse has not provided critical information to potential investors.
Reliance CapitalBSE -0.79 % had emerged as the highest non-binding bidder for the 24% stake being divested by the promoter of FTIL.
The company has sent a letter to the Forward Markets Commission expressing its concerns regarding the deal. ET has seen a copy of the letter.
The company has asked the regulator to "assume full control related to the proposed divestment and make sure that the process is conducted in a transparent manner". Reliance Capital declined comment.
Some of the concerns listed by the company include several related party transactions between MCX and FTIL, indicating that these were not entered on 'arm's length basis'.
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