Manoj Vaish, Managing Director and Chief Executive Officer of Multi Commodity Exchange (MCX), has resigned within three months of taking over reigns of the commodity exchange.
“This is to inform you that Manoj Vaish MD & CEO of MCX has tendered his resignation from the services of the Exchange subject to the approval of the Board, on health grounds. He would work with the board for a smooth transition,” MCX informed the Bombay Stock Exchange (BSE) on Thursday.
He has taken over as the MD and CEO of the Exchange on February 1, 2014 after the resignation of the Shreekant Javalgekar in October, 2013.
MCX is the only commodity exchange in the country which is listed on a stock exchange. It was promoted by the Jignesh Shah-led Financial Technologies India Ltd (FTIL), which has also promoted the now-defunct National Spot Exchange Ltd (NSEL). NSEL was in the midst of a default of around Rs, 5,600 crore, and many cases were filed against its officials by the Economic Offences Wing (EOW) of the Mumbai Police. The commodity market regulator, Forward Markets Commission (FMC), had asked the FTIL to reduce its stake in MCX from around 26 per cent to less than 2 per cent and FTIL was in the process of diluting the stake. However, an audit report on MCX, prepared by the audit firm, PricewaterhouseCoopers (PwC), which was submitted to the BSE, on Tuesday last, indicted FTIL on various instances of interference in the working of MCX by it, which resulted in ‘conflict of interest’. FTIL strongly denied these charges and called it as a “convenient report” and said that MCX had violated principle of natural justice by not sharing the report and by not allowing FTIL to provide its clarification on PwC findings.
FTIL also said that it would vehemently pursue “legal action against MCX and PwC for painting wrong picture in its audit report.”
