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3 months into MCX top job, Vaish quits as MD & CEO

The resignation comes amid a tussle between Multi Commodity Exchange of India and erstwhile promoter Financial Technologies (India) Ltd (FTIL) on the issues of divestment of FTIL’s stake in the bourse and PwC’s audit report on corporate governance at the exchange.

‘Manoj Vaish has resigned from the position on health grounds. Vaish has asked the exchange to relieve him at the earliest,’ said MCX Chairman Satyendra Mishra. Vaish’s resignation will be placed before the MCX board when it meets next.

He will work with the board of directors during the transition period until a new chief is appointed, Mishra said. Vaish joined MCX on February 1, replacing Shreekant Javalgekar, who stepped down following the Rs 5,600-crore payment crisis at FTIL’s subsidiary National Spot Exchange Ltd (NSEL), which surfaced in July.

Before joining MCX, Vaish was Managing Director of NSDL Database Management. He was an Executive Director of the Bombay Stock Exchange (BSE) between 1998 and 2004 and President and Chief Executive Officer of financial services research firm Dun & Bradstreet.

In the wake of the National Spot Exchange Ltd crisis, commodity markets regulator Forward Markets Commission (FMC) had declared FTIL unfit to run an exchange and ordered it to reduce its stake in MCX to 2 per cent from the existing 26 per cent.

The Forward Markets Commission had asked MCX to ensure completion of the divestment by April 30. However, the process could not be completed as bidders sought more time to study the PwC report on transactions between MCX and FTIL group firms.

Later in a statement, MCX confirmed Vaish’s resignation. ‘Manoj Vaish, MD and CEO of MCX, has tendered his resignation from the services of the exchange, subject to the approval of the board, on health grounds. He would work with the board for a smooth transition,’ the exchange said.

PE investments up 30% during January-March

New Delhi:
Private equity investments in India jumped by 30.06 per cent to $2.09 billion in the first three months of 2014 compared to the year-ago period, says a report by Grant Thornton. There were PE deals amounting to $1.6 billion in the same period last year. There were 133 deals in the first three months of this year against 90 transactions in the January-March 2013. ‘There is an emerging upward trend in PE Investments seen both in terms of value and volume, with 51 per cent deal volume from PE/VC investments alone,’ the report said. A sector-wise analysis showed that the top sector in PE both in terms of value & volume was IT & ITeS which witnessed 34 per cent ($717 million) of overall deal value and 41 per cent (54 deals) of overall deal volume. ‘Technology has always been active in deal-making and this is expected to continue by Indian companies. While the domestic orbit is slightly passive at present, it is certain to get a headway post elections,’ Grant Thornton Partner Harish HV said.
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