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Jignesh Shah, Joseph Massey step down from MCX-SX board

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Jignesh Shah and Joseph Massey have resigned from the board of MCX Stock Exchange, the equity exchange promoted by Financial Technologies India Ltd. Jignesh Shah and Joseph Massey have resigned from the board of MCX Stock Exchange, the equity exchange promoted by Financial Technologies India Ltd.
SummaryLast month, the SEBI renewed the licence of MCX-SX for a year, but included strict conditions.

In a fallout of the R5,600-crore settlement crisis at the National Spot Exchange (NSEL), Jignesh Shah and Joseph Massey have resigned from the board of MCX Stock Exchange (MCX-SX) — the equity exchange promoted by Financial Technologies India Ltd (FTIL)

. The day also saw the first arrest being made in connection with the settlement crisis.

A statement from MCX-SX said that both Shah and Massey have resigned from the board of the equity exchange with immediate effect.

While 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.

Last month, the Securities and Exchange Board of India (Sebi) renewed the licence of MCX-SX for a year, but included strict conditions to “further secure the management of the exchange and clearing corporation”.

The resignations come less than a week after the Forward Markets Commission (FMC) issued a showcause notice to Financial Technologies (India) —which owns 5% in MCX-SX — along with Shah, Massey and Shreekant Javalgekar who is the MD & CEO of MCX, which again owns 5% in MCX-SX.

The notice questions the 'fit & proper' status of the entities. A withdrawal of the 'fit & proper' status could have a bearing on FTIL's ability to remain the promoter of its commodity futures exchange MCX and its equity exchange, MCX-SX.While former LIC chairman Thomas Mathew T has been nominated a public interest director on the board of MCX-SX, whole-time director U Venkataraman will assist a special committee of public interest directors in managing the functions of the exchange.

Former NSEL staffer held

Meanwhile, the Economic Offences Wing (EOW) arrested Amit Mukherjee, a former employee of the spot exchange, on Wednesday. Mukherjee, who was sacked by NSEL on August 20 on charges related to mismanagement, was the former head of business development and, according to NSEL's former MD & CEO Anjani Sinha, the key person who introduced 25 entities that now collectively owe nearly R5,600 crore to the exchange.

According to sources, Mukherjee owns flats in Thane district and also has a couple of cars, including a Range Rover, which is registered in his wife's name. Mukherjee's salary at NSEL was around R20 lakh per annum. The arrest comes less than two weeks after the EOW registered an FIR, accusing all the promoters and directors of Jignesh Shah-controlled FTIL and NSEL, along with

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