Financial Technologies Group
 | |
| Public company | |
| Traded as |
BSE: FINTECH NSE: FINANTECH |
| Industry | Computer services on finance/banking[1] |
| Founded | 1988 |
| Headquarters | Chennai, India[2] |
Key people | Jignesh Shah, Chairman and Group CEO[3] |
| Products | Stock exchange |
| Revenue | ₹6.18 billion (US$92 million) (2010)[4] |
Number of employees | 1100 as of 31 March 2012[2] |
| Website |
www |
Financial Technologies (India) Limited (FTIL) is an Indian financial services company, formed in 1988. It is promoted by the Financial Technologies Group. Jignesh Shah is founder of the FT Group which went on to democratize and revolutionize commodity exchanges in India, Singapore, Dubai and Africa.[5] The group offers technology IP (Intellectual Property) to create and trade on financial markets, across asset classes including equities, commodities, currencies and bonds among others.[2]
Evolution
The company commenced operations in 1988 starting off with the development of technology products that served to connect the financial markets. Financial Technologies Group was founded by Jignesh Shah.[6] 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.
About Jignesh Shah
Jignesh Shah is an electrical engineer turned entrepreneur whose efforts are considered as pioneer of Make in India campaign. While working at Bombay Stock Exchange, Shah traveled extensively to learn how stock exchanges work around the world. Post that he launched Financial Technologies Group.
Another one of Jignesh Shah's achievements as a contribution to nation's business growth is the Multi Commodity Exchange (MCX) which has evolved into a giant trading platform.[7] Lately, Shah has been working towards promoting innovative technology and has spearheaded the launch of JS Innovations Labs which has been envisioned to compete with several world renowned labs. Shah is currently Chairman Emeritus of Financial Technologies Group he resigned from FTIL Managing Director on November 20, 2014.
Products
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.
NSEL case
FTIL was held not 'fit and proper' by the forward market commission and its role in its 99.999% subsidiary NSEL (National Spot Exchange Ltd) was questioned. The union of India even moved a petition in Company law Board to replace the directors of FTIL with government nominees.
Subsidiaries
- Atom Technologies, a Mumbai company offering payment processing systems.[8]
- Ticker Plant, Real time data streaming of financial exchange (domestic and international) such as equities, commodities, forex, money markets and fixed income. Financial content provider in financial information industry.[9]
Departments
- 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
FTIL-SMX Stake
In the year 2013, shares of Financial Technologies (India) Ltd settled 2% higher in-line with a sluggish stock market after the company announced sale of its Singapore-based bourse Singapore Mercantile Exchange (SMX) for USD 150 million (Rs 931 crore) to InterContinentalExchange.[10]
See also
References
- ↑ Type
- 1 2 3 Investor FAQ
- ↑ Board of Directors. Archived 16 August 2012 at the Wayback Machine.
- ↑ "BSE Plus". Bseindia.com. Retrieved 25 September 2010.
- ↑ "Jignesh Shah named 'Young Global Leader'". The Economic Times. January 18, 2007. Retrieved August 13, 2016.
- ↑ "Financial Tech to set up exchange in Mauritius". Business Standard. 30 November 2006. Retrieved 29 April 2009.
- ↑ Hemant Sharma (March 22, 2016). "Jignesh Shah — The unsung pillar we need to know". Retrieved August 13, 2016 – via Medium.com.
- ↑ "atom - mobile payments application". Archived 24 July 2009 at the Wayback Machine.
- ↑ "About TickerPlant". TickerPlant Limited. Archived from the original on 2016-08-08. Retrieved August 13, 2016.
- ↑ "FTIL shares settle 2% higher on deal to sell SMX stake". Economic Times. 19 November 2013.