Financial Technologies Group
|Traded as||BSE: FINTECH
|Industry||Computer services on finance/banking|
|Key people||Jignesh Shah, Chairman and Group CEO|
|Revenue||618.24 crore (US$99 million) (2010)|
|Employees||1100 as of March 31, 2012|
Financial Technologies (India) Limited is an Indian financial services company, formed in 1988. It is promoted by the Financial Technologies Group. The group offers technology IP (Intellectual Property) to create and trade on next-generation financial markets, across asset classes including equities, commodities, currencies and bonds among others.
The company commenced operations in 1988 starting of with the development of technology products that served to connect the financial markets. Financial Technologies Group was founded by Jignesh Shah. It had its first IPO in 1995. The company's foray into the exchange business was established when it introduced India's first derivatives trading platform. It went on to establishing similar exchanges connecting fast growing economies.
The group has three business divisions comprising ten Exchange Ventures, six Ecosystem Ventures, and multiple technology offerings. It operates one of the world’s network of exchanges connecting financial markets of fast-growing economies of Africa, Middle East, India and South East Asia.
- Atom Technologies , a Mumbai company offering payment processing systems.
- Enterprise Solutions Group, a consulting initiative of FT. Established in 2000, the objective of ESG is to maximize the organization’s gain from its IT investments.
Industries served By ESG are Banking, Financial Services, Insurance, Telecom, Software Companies, Corporate, Government, Public Sector
Financial Technologies is one of the main promoters of NSEL, an exchange dealing in commodities. In the end of July 2013, there was a fraud at NSEL which resulted in suspension of trade in all commodities except e-series. There was a huge repayment problem, where NSEL had a problem in making payouts to investors. There was no/minuscule stock in most warehouses and some warehouses stated on NSEL website did not even exist.
Later in August 2013, trading in e-series was also suspended. This was of concern for the investors who had purchased e-series products like e-gold. Now the option for those holding these in demat format is to take delivery of items, which is a cumbersome process and can be done only in selected cities in India. Those not taking delivery can wait till any other option is put forward to return the money they invested or if the trading is resumed. This crisis in NSEL is putting pressure on Financial Technologies, as it is the main promoter and it has a responsibility to answer the questions that has arisen about the crisis.