Financial Technologies India Limited (FTIL) has appointed a four-member committee to oversee its restructuring plan, which includes divesting up to 24 per cent stake in the Multi-Commodities Exchange (MCX).

In a press release, FTIL said the committee was appointed to propose and oversee a restructuring plan as part of its efforts to charter a new growth path. The committee will submit its report in around four months.

The press release said that the committee "will propose and oversee FTIL's efforts to charter a new growth path and submit the report in 120 days."

The committee comprises two non-executive independent directors on the company's board, S Rajendran and Venkat Chary, legal advisor Berjis Desai, legal advisor, and whole-time director Dewang Neralla. Anil Singhvi, founder & chief executive officer of ICAN Investment Advisors has been named as the company's new corporate financial advisor.

However, the release didn't say anything about the forensic audit conducted by PwC on MCX. The forensic audit was carried out following an order by the commodities regulator FMC.

FTIL is reportedly now looking for an investment bank to carry out a transparent bidding process for divesting stakes in other exchanges. Apart from holding a stake in the MCX Stock Exchange, it owns a 29 per cent stake in the Dubai gold & commodity exchange. In addition, it owns two other exchanges abroad.