Mr. G. K. Pillai appointed as the new Chairman and Thomas Mathew T. as the new Vice-Chairman of MCX-SX

Former Union Home Secretary Gopal Krishna Pillai appointed as the Chairman of the troubled Financial Technologies-promoted stock exchange, MCX-SX. Thomas Mathew, former LIC chairman appointed as the as Vice Chairman of the Board of MCX Stock Exchange Limited. SEBI has accorded its approval to Mr. Pillai’s election as Chairman.
Earlier, Jignesh Shah, founder chairman, MD and CEO of Financial Technologies (India) Ltd (FTIL), resigned from the board of its lone listed subsidiary Multi Commodity Exchange of India Ltd (MCX).

Why Jignesh Shah had to resign from MCX-SX ?

Jignesh Shah had to force resign as the MCX board members wanted to insulate the MCX-SX (the commodity futures exchange) from the ongoing settlement crisis at NSEL. The Forward Markets Commission (India) (the commodities market regulator of India) has pressed multiple charges against NSEL directors, including Jignesh Shah, for allegedly perpetrating the Rs.5,600 crore settlement fraud and conspiring to cheat investors intentionally.

Month: Current Affairs - November, 2013