Manoj Vaish, MD and CEO, Multi Commodity Exchange of India (MCX) has resigned.
An exchange filing from the commodity bourse on Thursday said Vaish had quit on health grounds and would work with the MCX Board for a smooth transition.
Under investigation
His presence is, however, required before the commodities regulator Forward Markets Commission (FMC) on May 6, 2014 when the regulator reviews the implementation of stake reduction by MCX’s erstwhile promoter Financial Technologies from 26 per cent to two per cent.
Last December, FMC had declared FTIL not ‘fit and proper’ to run MCX and set April 30 as deadline for the stake reduction.
On May 6, FMC is also expected to review the audit report presented by PWC, portions of which stated that MCX had paid about Rs. 709 crore to related parties and group companies without proper documentation.
FTIL has rejected the PwC report and threatened legal action against MCX and PWC for painting a wrong picture.
Sources said the regulator is likely to give MCX more time to comply with its directions on FTIL’s stake reduction.
Source: The Hindu - BL
