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Updated: March 14, 2014 22:36 IST

G.K. Pillai quits as MCX-SX Chairman

Special Correspondent
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Thomas Mathew T
The Hindu Thomas Mathew T

Former Home Secretary G. K. Pillai, on Friday, resigned as MCX- SX Chairman just before a scheduled board meeting of the exchange, citing personal reasons. At the scheduled board meeting of the exchange, exchange’s Vice-Chairman and former LIC Chairman Thomas Mathew T was elected as the new Chairman and Ashima Goyal, Professor at Indira Gandhi Institute of Development Research, as Vice-Chairperson.

This comes a day after the Central Bureau of Investigation initiated a probe against the stock exchange’s founder, Jignesh Shah, and former Chairman of SEBI C. B. Bhave for granting permission to the exchange. Mr. Pillai was appointed by the government at a time when MCX-SX was facing credibility crisis following the National Spot Exchange Ltd (NSEL) scam. “The board meeting was as per the schedule, and planned one month in advance. Mr. Pillai, the outgoing Chairman, has played a key role in ring-fencing the exchange at a critical juncture and helped to bring stability. All other directors continue to be on the board,” Saurabh Sarkar, Managing Director and CEO, MCX-SX, said.

“I took charge of the exchange at a time when it had several challenges. However, in the last few months, we have managed to appoint a new board as well as Managing Director and CEO. I am stepping down due to personal reasons.” Mr. Pillai said.

“Our immediate priority is to increase our operational efficiency, market participation and volumes on the exchange,” Mr. Mathew said.

Earlier, during the day, the management had announced that the ongoing rights issue (in the ratio of 2:1) had received good response, and the exchange had also received expression of interest from new investors.

The exchange also announced that FTIL and MCX had been re-classified from ‘Promoter shareholder’ to ‘Public Shareholder’.

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