New Delhi: The Supreme Court on Thursday stayed the order of power sector regulator CERC asking Financial Technologies India Ltd (FTIL) to transfer all its shares of India Energy Exchange (IEX) to a trust demat account.
A bench of justices Ranjan Gogoi and M Y Eqbal also issued notice on the plea filed by FTIL against the recent order of the Central Electricity Regulatory Commission (CERC) to divest its entire stake in IEX by July 20.
The CERC had given FTIL time till July 2 to transfer its entire stake in IEX to an IEX-owned trust demat account and exit the exchange by July 20.
FTIL, which has 26 percent stakes in IEX, was required to divest its shares in IEX as per the CERC's direction which had come after a Rs 5,600 crore fraud surfaced at the National Spot Exchange Ltd (NSEL). FTIL holds 99.99 percent of NSEL.
IEX is the country's leading power exchange.
