Shreekant Javalgekar has submitted his resignation as Managing Director and CEO of the company, subject to the approval of the board, MCX said in a filing to the Bombay Stock Exchange (BSE).

The Managing Director and CEO of Multi Commodity Exchange (MCX), Shreekant Javalgekar, has resigned.

Shreekant Javalgekar has submitted his resignation as Managing Director and CEO of the company, subject to the approval of the board, MCX said in a filing to the Bombay Stock Exchange (BSE). MCX is the only commodity exchange in the country which is listed on a stock exchange. MCX was promoted by Jignesh Shah-led Financial Technologies India Ltd (FTIL), which also promoted the now-defunct National Spot Exchange Ltd (NSEL).

Default

NSEL is in the midst of a default of around Rs. 5,600 crore.

Three of NSEL’s officials, including its former Managing Director and CEO Anjani Sinha, have been arrested by the Economic Offences Wing (EOW) of the Mumbai Police .

Mr. Shah and Joseph Massey, Managing Director and CEO of the FTIL-promoted stock exchange, MCX-SX, also resigned from the board on October 9.

Commodity exchange regulator Forward Markets Commission (FMC) had issued show cause notices to Mr. Shah, Mr. Javalgekar and Mr. Massey on October 4, questioning their 'fit and proper' status to operate MCX.

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