Home / Companies / News /  Six MCX directors submit resignations

Mumbai: Multi Commodity Exchange of India Ltd’s (MCX) six directors submitted their resignation on Friday, according to the company’s filing with BSE.

The list of directors who have resigned includes Venkat Chary, who is more than 70 years old—the maximum age limit prescribed by commodities market regulator Forward Markets Commission (FMC). Chary had been chairman of the board since September 2003. He will also step down as chairman of the audit committee.

FMC had on 12 August released revised guidelines for constitution of the board and nomination of independent directors and appointment of chief executives at national commodity exchanges.

The other directors who have resigned due to not fulfilling the age criterion are C.M. Maniar and Shvetal Vakil.

Three other directors—Prakash Apte, Lambertus Rutten and P.R. Barpande—resigned from the board for other reasons. Financial Technologies (India) Ltd (FTIL), the promoter of MCX, is also the promoter of beleaguered National Spot Exchange Ltd (NSEL).

In another development, a public interest litigation has been filed in the Bombay high court seeking a Central Bureau of Investigation probe into the alleged refusal by NSEL to pay dues to 17,000 small investors, claiming it is a scam to the tune of 8,000 crore

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