MCX head Shreekant Javalgekar resigns

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SummaryShreekant Javalgekar, has submitted his resignation from the Multi Commodity Exchange of India Ltd (MCX).

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 Financial Technologies India Ltd (FTIL) holds a 26 per cent stake.

It did not specify a reason for the resignation in a statement. “Javalgekar has submitted his resignation as managing director and CEO of the company, subject to the approval of the board,” MCX said in a filing to the BSE.

A spokesman for MCX said the MCX board will meet on Tuesday to discuss the appointment of a new CEO.

Jignesh Shah-led FTIL, which runs MCX, the MCX Stock Exchange (MCX-SX) and the National Spot Exchange Ltd (NSEL), has seen a churn at the top since the NSEL plunged into a payment crisis in August.

Shah and MCX-SX MD and CEO Joseph Massey resigned from the board on October 9, just before a Sebi-ordered extra-ordinary general body meeting.

The Forward Markets Commission (FMC) had issued show cause notices to Shah, Javalgekar and Massey on October 4, questioning their ‘fit and proper’ status to operate MCX and had asked for responses by October 18. The officials had sought a one-month extension to reply to the notices.

On Friday, Anjani Sinha, former CEO, NSEL, now in police custody, had claimed that the NSEL board was always in the know of the wrongdoing at the exchange and that he was forced to take the blame for it.

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