NSEL crisis fallout: Multi Commodity Exchange CEO Javalgekar resigns

The Multi Commodity Exchange of India Ltd (MCX) said on Saturday its managing director and chief executive officer, Shreekant Javalgekar, had submitted his resignation from the company, in which Jignesh Shah-promoted Financial Technologies (India)(FTIL) holds a 26 per cent stake.

It did not specify a reason for the resignation in a statement.

Financial Technologies also owns National Spot Exchange Ltd (NSEL). The NSEL has been under investigation by police since last month after India's commodities regulator ordered it to suspend trading over suspected violations of rules on contract duration.

The MCX board will meet on Tuesday to discuss the appointment of a new CEO, its spokesman said.

Earlier, Jignesh Shah and Joseph Massey had also resigned from the board of MCX Stock Exchange. Shah was the vice chairman & shareholder director of MCX-SX, Massey was the MD & CEO of MCX-SX and also the shareholder director of MCX-SX Clearing Corporation.

In a fallout of the Rs 5,600-crore settlement crisis at the National Spot Exchange, the Economic Offences Wing of Mumbai Police on Thursday had arrested former managing director and chief executive Anjani Sinha.
Courtesy:
Reuters : Mumbai, Sat Oct 19 2013, 16:35 hrs Small Large Print
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