BackNCDEX terminated CEO for ‘improper’ actions
NCDEX terminated CEO for ‘improper’ actions
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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.
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