'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, sources said on October 16.
An MCX spokesperson said Javalgekar resigned due to personal reasons.
Javalgekar has headed the country's largest commodity bourse since July 1, 2012, and was responsible for all aspects, including financial management, investor relations, corporate governance and strategies.
Prior to this, Javalgekar was finance and communications director at parent firm Financial Technologies.
The MCX board will meet next Tuesday to discuss the appointment of independent and institutional shareholder directors and a new managing director, the spokesman said.
Financial Technologies holds a 26 per cent stake in the commodity exchange.
FTIL also owns the NSEL, which is facing a Rs 5,600 crore payment crisis after the exchange said on July 31 it had halted trading.