MCX Chairman Venkat Chary and five other directors on the commodity exchange board resigned on 30 August 2013 following the implementation of new guidelines, including those that bar any person over 70 years of age to hold a board position.
Chairman Venkat Chary and C M Maniar, who was a Forward Market Commission, quit due to the age guideline and the exchange’s former managing director Lambertus Rutten resigned citing pre-occupations. P R Barpande, an independent director also resigned. FMC nominated independent director Prakash Apte has also resigned with effect from 31 August.Shareholder Director Shvetal Vakil resigned from the Board due to the term criteria prescribed in the guidelines.
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 Exchange, which started operations in November 2003, operates within the regulatory framework of the Forward Contracts Regulation Act, 1952 (FCRA, 1952)
When: 30 August 2013