GK Pillai resigned as Chairman of MCX-SX on 14 March 2014. Consequently, current Vice Chairman and former LIC Chairman, Thomas Mathew T was elected as new Chairman and Ashima Goyal was elected as Vice Chairperson by the Board members. The exchange also announced that MCX and FTIL had been reclassified as Public Shareholder from Promoter Shareholder.
Incidentally, Central Bureau of Investigation (CBI) began its probe on 13 March 2014 against the stock exchange’s founder Jignesh Shah and former Chairman of SEBI C.B. Bhave. The probe will also investigate the alleged irregularities in the sanctioning of MCX-SX along with the subsequent recognition renewals of exchange in 2009, 2010.
Former Home Secretary, GK Pillai was appointed as Chairman of MCX-SX following the National Spot Exchange Limited (NSEL) scam. During his tenure, a new board, Managing Director and CEO were appointed. He played a pivotal role in bringing stability by renegotiating contracts, rationalizing costs and other similar measures.