at MCX-SX. While the capital market regulator, Sebi, had already approved his name for the post, the board on Friday said that he would join the exchange shortly.
The board has been looking at ways and means to reduce the cost at the exchange, and on Friday authorised more actions for cost rationalisation in order to make the exchange more viable.
It took note of the various cost reduction measures undertaken by the exchange under supervision of the Special Committee of Public Interest Directors that has resulted into reduction in quarterly expenses by Rs 13 crore in Q2 as compared to that in Q3.
The board also gave its in-principle approval to make a 1:1 rights issue to existing shareholders in compliance with SECC Regulations and decided to have a meeting with institutional shareholder representatives on January 13, 2014 to obtain their concurrence on the proposal.
The board further asked the management to present a concrete proposal for restructuring of the liquidity enhancement schemes of the exchange in a bid to attract liquidity and optimise payouts.