Nsel social media campaign
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Financial Technologies (India) Ltd (FTIL) is the parent company of National Spot Exchange Limited (NSEL), a commodities trading platform. In 2014, the government proposed merging NSEL into FTIL to address investor losses from a crisis at NSEL. FTIL employees opposed the merger on social media using the hashtag #STOPMERGER, which received over 500 posts and was seen by over 9000 users. The Bombay High Court ordered the government to fully consider all parties' views before issuing a final order on the merger.
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- 2. • Financial Technologies (India) Ltd. is the company of the Financial Technologies Group. • FTIL is a global leader in creating and operating technology- fundamentals, next-generation financial markets that are transparent, efficient and liquid, across multi asset classes, including equities, commodities, currencies and bonds, among others
- 3. • National Spot Exchange Limited (NSEL) is the national –level, institutionalized, electronic, transparent spot trading platform for commodities. • NSEL provides customized solution to farmers, traders, processors, exporters, importers, arbitrageurs, investors and other stakeholders pertaining to commodity procurement, storage, marketing, warehouse receipt financing, etc. • NSEL is one of the subsidiary company of FTIL.
- 4. • On 21st October 2014, the Government issued a draft order suggesting to merge NSEL and FTIL in public interest. • FTIL-NSEL merger was recommended by the commodities market regulator ‘Forward Markets Commission’ (FMC) on demand of investors affected by the NSEL crisis. • If the merger does take place FTIL would take over all the liabilities of NSEL. • The draft order was put up for feedback from NSEL stakeholders and the public.
- 5. • On 5th February 2015, Bombay high court directed the government to hear all the parties and their contention and pass a final order of the hearing. • Bombay High Court also mentioned that the government’s final order, once it is passed, will be kept in abeyance till the court hears the case and the final order will be subject to the court’s clearance.
- 7. • FTIL employees logged in their Twitter & Facebook accounts to post anti-merger tweets on STOPMERGER. • As per media reports, a real time hash-tag (#) tracking tool, there were over 500 posts with #STOPMERGER on 19th March 2015. • STOPMERGER tweets were noticed by more than 9000 Twitter users. • Nearly 98% of the posts were Retweeted.
- 8. • Data sourced from Twitter show that opponents of the merger used the hash tag #STOPMERGER to get their message across. • There were over 200 tweets per minute opposing the merger. • On 2 March, there were 260 such tweets per minute followed by 210 tweets per minute the next day. • Analysis of such tweets further shows that individual accounts expressed their solidarity against the merger by posting pictures that said they were “United Against Forced Amalgamation”.
- 9. • All FTIL shareholders have also been sent mails to oppose the proposed merger from a group called “Share Holder’s Association of FTIL”. • An FTIL statement issued on 10 March said that 99.5% of its shareholders sent a mail to the Ministry of Corporate Affairs, protesting against the proposed merger.
- 10. • If the merger does take place, employees could face possible termination. It is most likely to adversely affect more than 1000 FTIL employees & their families. • Forcefully merging NSEL with FTIL will make FTIL commercially unviable as its net worth will gradually erode. • As per print advertisements, 5th April 2015 was the deadline for the government to pass a final order on FTIL-NSEL merger proposal.