Jignesh Shah is a pioneer in the field
of stock and financial markets technologies to have worked hard to create a
comprehensive market. He has always looked forward to create a people centric
market. With efforts like his, India can actually dream of becoming a powerful economy
in the world. With a new vision, FTIL changed its name to 63 Moons
Technologies, and is the parent company of 18 technologies in Digital arena.
Previously Financial Technologies
(India) Limited (FTIL), 63 Moons Technologies have now been fined by Security
Exchange Board of India (SEBI) for not seeking approval from the stock exchange
for the name change. The change was effected last year after Jignesh Shah led
FTIL fell under the NSEL fiasco. NSEL
was promoted by FTIL, which was supposed to stop trading in July 2013.
In a ten-page order, Sebi said 63 Moons did not seek
approval from stock exchanges—NSE and BSE—before changing its name from FTIL and
imposed a fine of Rs1 lakh. On May 27th, 2016, 63 moons technologies
had acquired a certificate from the Registrar of Companies (RoC), Chennai to
change the name.
Any official statement from 63 Moons Technologies has
not been received on the same. However, it applied to the stock exchange later
in order to update their records. As per the listing obligations and disclosure
requirements (LODR) regulations, any company ought to seek approval for the
name changing procedure. The process takes place by submitting a certificate
from a chartered accountant who confirms compliance to the conditions as per
the regulations.
Sebi quoted, “….it is clear that the requirement of
seeking prior approval from the stock exchanges(s) is a condition precedent
before filing request of name change to RoC, which in fact has not been met by
the notice (63 Moons).”
The penalty of 1 lakh Rupees has been pinned to Jignesh
Shah’s venture for the violation.
“I note that there are no quantifiable figures available for assessing
disproportionate gains or unfair advantage or specific loss suffered by the
investors. I also note that no past default against the noticee has been
revealed under examination,” Sebi’s adjudicating officer Rachna Anand said in
the order. Justice is still aawaited after 4 years in the payment default.
