Home / Companies / News /  Udai Kumar appointed interim managing director and CEO of MSEI

Mumbai: Metropolitan Stock Exchange of India Ltd (MSEI), which was formerly known as MCX Stock Exchange of India Ltd, has announced that managing director and chief executive officer Saurabh Sarkar has resigned.

According to a statement issued by the exchange, the board has appointed Udai Kumar as interim managing director and CEO.

“The MSEI board which met on Saturday, 10 October 2015 has appointed Udai Kumar, managing director, Metropolitan Clearing Corporation of India Ltd (MCCIL) formerly MCX-SX Clearing Corporation Ltd (MCX-SXCCL) as interim MD & CEO of the exchange," said the statement.

The exchange has already initiated the process of appointment of a new MD&CEO, added the statement.

The exit of Sarkar comes at a time when the exchange has lost considerable market share in the currency derivatives segment. The exchange, which once boasted of a significant share in the currency derivatives segment, has become a fringe player as operational and ownership concerns led to the volumes shift to other exchanges like the National Stock Exchange of India Ltd (NSE) and BSE Ltd.

On most days, MSEI registers a turnover of less than 2,000 crore in the currency derivatives segment—its only segment that sees at least some traction in terms of trading. The exchange also offers trading in equity, equity derivatives and interest rate futures (IRFs).

On Monday the currency derivatives segments of NSE and BSE registered a turnover of 14,027 crore and 8,643 crore, respectively.

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