K C Bandyopadhyay, managing director and CEO of Stock Holding Corporation of India, put in his papers on Thursday. SHCIL is one of the largest depository participants and custodians in the country.
Bandyopadhyay said he has quit citing personal reasons.
Bandyopadhyay had joined the company in August 2002 when it was in crisis following its alleged role in the Calcutta Stock Exchange payment crisis.
Under him, SHCIL has shown good growth, specially during this financial year, though sources indicate that the surging capital market was one of the primary reasons for that.
After he took over, Bandyopadhyay made efforts to diversify businesses to add to the bottomline of SCHIL. It also recently entered into agreement with one of its promoters -- Industrial Development Bank of India -- to mobilise funds on its behalf at some SHCIL branches.
SHCIL was in the limelight recently over corporate governance issues when police detectives unearthed evidence indicating use of fake stamp papers, thrown up by the Telgi scam during the investigation in the Calcutta Stock Exchange payment crisis.
The link with the Telgi affair emerged when sleuths intercepted some e-mails sent to the SHCIL city office from its headquarters in Mumbai, asking the local office to accommodate stockbroker Harish Chander Biyani as "empanelled client" to legitimise the transactions.
The Mumbai-headquarters of SHCIL sent over a dozen e-mails asking the local office to empanel Biyani as a client much after he was provided with funds.
A back-dated agreement between SHCIL and Biyani was allegedly executed using fake stamp paper. The revelation, which indicated nexus between the Biyani and the top brass of SHCIL, was in stark contrast to the findings of Sebi.
In May 2003, the market regulator gave a clean chit to SHCIL saying Biyani cheated facilities offered by SHCIL.
