NCDEX terminated CEO for ‘improper’ actions

NCDEX terminated CEO for ‘improper’ actions
PTI
Comment E-mail Print Share
First Published: Sun, Mar 01 2009. 09 59 PM IST
Updated: Sun, Mar 01 2009. 09 59 PM IST
Mumbai: The National Commodity and Derivatives Exchange Ltd (NCDEX) terminated its former chief executive officer P.H. Ravikumar and a few other employees after finding evidence of their involvement in some “improper” transactions, according to a communication between the country’s second largest commodity bourse and the market regulator Forward Markets Commission (FMC).
The exchange has also been rapped by the regulator for diversion of funds from its Settlement Guarantee Fund, which fell to just 1% of a minimum requirement of Rs5 crore, as stipulated in the bourse’s own bye-laws.
Comment E-mail Print Share
First Published: Sun, Mar 01 2009. 09 59 PM IST