Jignesh Shah, founder, vice-chairman and a Director of Multi-Commodity Exchange (MCX), resigned from the board on 31 October 2013.
The commodity exchange regulator, Forward Markets Commission (FMC), had issued show-cause notices to Jignesh Shah; former Managing Director and CEO of MCX Shreekant Javalgekar; and another board member Joseph Massey on 4 October 2013 questioning their fit and proper status to operate MCX. Shreekant Javalgekar and Massey have already resigned from the MCX board.
The MCX was promoted by Jignesh Shah-led Financial Technologies India Ltd (FTIL), which is also promoted the now-defunct National Spot Exchange Ltd (NSEL). (MCX is 26 percent owned by Financial Technologies, of which Jignesh Shah is founder, chairman and CEO).
The Multi Commodity Exchange of India Limited (MCX), India’s first listed exchange, is a state-of-the-art, commodity futures exchange that facilitates online trading, and clearing and settlement of commodity futures transactions, thereby providing a platform for risk management.
The Multi Commodity Exchange, which started operations in November 2003, operates within the regulatory framework of the Forward Contracts Regulation Act, 1952 (FCRA, 1952).
Who: Jignesh Shah
When: 31 October 2013