The board of Multi Commodity Exchange (MCX) made changes to company's rules following which the voting rights of promoter Financial Technologies (FTIL) would be restricted to just 2 per cent.
Besides, crisis-hit FTIL's excess holdings would get transferred to an escrow account if they fail to bring down the stake from 26 per cent to 2 per cent within the prescribed time.
Last December, commodities market regulator Forward Markets Commission had ruled that Jignesh Shah and his flagship firm FTIL are not 'fit and proper' to run any exchange in the country.
MCX board, during its meeting on Thursday, decided that not fit and proper entities would not be allowed to vote "in excess of the shares that is permitted to be held and shall be responsible to dispose of the excess shares within the prescribed time".
"If he fails to do so, he shall be obliged to transfer such excess shares to an escrow account, failing which, the company may take such measures as deem fit including requesting depository/DP to transfer the shares to the escrow account and the company shall dispose of such excess shares in such manner as the board may consider appropriate," MCX said in a statement.
The board's decision is subject to approval of shareholders and FMC.
FTIL said it was surprised by MCX board's decision on having an escrow account for its excess holdings.
"We shall continue to pursue peaceful divestment as possible in any such sale and in case there is any roadblock or measures which will do value erosion due to artificial measures which will cause distress sale then the company will pursue legal measures to protect the interest of 65,000 plus investors of FTIL," the company said in a statement.
FTIL in its statement noted that communications are ongoing with MCX and the regulator about the transparent process of divestment of its stake in MCX and the timelines to achieve the same.
"We fail to understand the agenda or the intent of the MCX board, as some of the best global and local names have expressed their interest to become the 'anchor' for MCX and seeking cooperation from the exchange to carry out basic due diligence," FTIL said.
Shah-led group as well as FTIL are grappling with multiple woes in the wake of the Rs 5,600 crore payment crisis at the National Spot Exchange (NSEL).