Home >Companies >Paras Ajmera resigns from MCX board

New Delhi: Multi Commodity Exchange of India (MCX) on Wednesday announced the resignation of yet another director Paras Ajmera, the last nominee of promoter Financial Technologies India Ltd (FTIL) on the troubled commodity exchange’s board.

The resignation comes amid the continuing 5,600 crore payment crisis at the FTIL-promoted National Spot Exchange Ltd (NSEL).

In a filing to the BSE, MCX said: “FTIL has withdrawn the nomination of Paras Ajmera, shareholder director, from the board of MCX with effect from close of business hours on November 12, 2013 consequent to his resignation from MCX board."

According to sources, FTIL would nominate another person on MCX board.

On 31 October, Jignesh Shah had resigned as non-executive vice chairman of MCX after sector regulator Forward Markets Commission (FMC) issued notice to him and FTIL questioning ‘fit and proper’ status.

Earlier, MCX MD Shreekant Javalgekar had also resigned from company. MCX has begun search for a new managing director and CEO. It has invited applications from candidates with at least 20 years of experience in management positions, including three years at the top management level. The appointment will be subject to approval of FMC and the term is three years, which can be extended.

At present, R.M. Premkumar, IAS (retd), is the chairman of MCX and he has been nominated by market regulator FMC.

Recently, MCX reported 67% decline in standalone net profit at 27.04 crore for the second quarter ended 30 September, as against 81.40 crore in the year-ago period. The performance of MCX has been hit badly due to the imposition of commodity transaction tax (CTT) since July and also because of the recent payment crisis at NSEL.

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