Regions

MCX CEO resigns from post

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October 19
9:41 AM 2013

Last Saturday, the Multi Commodity Exchange of India Ltd had announced its Managing Director and CEO Shreekant Javalgekar had formally submitted his resignation from the company. 26% of MCX India is owned by Financial Technologies.

There was no specific reason for the resignation provided in the issued statement.

Financial Technologies also owns shares in National Spot Exchange Ltd. NSEL is under investigation by police officials since the previous month after India's commodities regulators had ordered the suspension of trading over violations of rules as to contract length and duration.

The board of directors of MCX would be meeting on Tuesday to discuss the appointment of its new CEO, according to the company spokesperson.

A spokesperson from MCX said Javalgekar quit his post due to personal reasons. He headed India's largest commodities Index since July 1, 2012 and was responsible for the full operations of the firm.

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