Millennium Post

Shah’s FTG-run MCX-SX starts CEO search

MCX Stock Exchange on Monday began search for a new managing director and CEO to head the bourse, whose group entities remain embroiled in a major crisis emanating from Rs 5,600-crore payment default at NSEL.

MCX-SX was set up by Jignesh Shah-led Financial Technologies Group, which has also promoted National Spot Exchange Ltd (NSEL) and commodity bourse MCX, among others.

In a public announcement, MCX-SX on Monday invited application from ‘suitably qualified and experienced’ candidates for the post of managing director and CEO. While renewing MCX-SX's licence for another one year, capital markets regulator Sebi last month asked the exchange to set up a panel of independent directors to oversee its operations in the wake of questions being raised about 'fit and proper' status of its promoters.

Earlier this month, Joseph Massey resigned as MD and CEO of MCX-SX, while Jignesh Shah also had to quit from its board.

After these resignations, MCX-SX had said that U Venkataraman, Whole-time Director, would assist the special committee of public interest directors in carrying out the functions of the exchange.

The group has seen a string of resignations in the past few weeks at its various entities. Last week, commodity bourse MCX managing director and chief executive officer Shreekant Javalgekar also submitted his resignation. MCX-SX is the country's newest stock exchange and began operations in currency derivatives segment from October 2008, while it commenced operations in capital markets trading in February 2013.

Inviting applications for the post of MD and CEO, MCX-SX said: ‘The candidate must be qualified in the fields of capital market, finance or management and possessing sufficient experience in related fields for at least 15 years.’

The MD and CEO would report to the board of directors and would be responsible for conduct of affairs of the exchange under the direction and supervision of the board.

He/ she shall also be responsible to perform various functions under the by-laws, rules and regulations of the exchange and also to comply with various statutory and regulatory requirements, it added.
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