India's leading commodity exchange MCX rejigged its top management on Friday -- it appointed Joseph Massey as managing director and CEO, and Jignesh Shah as vice-chairman.
Jignesh Shah, the promoter of Financial Technologies India Ltd, on Wednesday resigned from the board of MCX Stock Exchange, amid continuing Rs 5,600 crore (Rs 56 billion) payment crisis at group company NSEL.
The newest stock exchange MCX-SX, which is expediting sale of promoters' equity in compliance with regulatory norms, should be valued more than $2 billion going by the comparison its CEO Joseph Massey is drawing with the BSE in terms of value and turnover.
Gearing up to launch its equity trading platform, the country's newest stock exchange MCX-SX on Thursday said it will focus on bringing those companies to its fold that are already listed on other bourses.
To launch technology infrastructure on Nov 18.
The MCX Stock Exchange (MCX-SX) is likely to start trading in equities in the next two-to-three months, a top company official said.
MCX Stock Exchange, set up by crisis-hit NSEL's promoters, on Friday appointed Saurabh Sarkar as CEO and announced plans for fresh capital infusion by its existing shareholders among measures to boost business.
The board of directors at its meeting held on October 22, approved the said appointments, the exchange said in a regulatory filing on Wednesday.
His comments came in response to a query on whether Securities and Exchange Board of India would be initiating action against MCX-SX which rejigged its board yesterday amid continuing payment crisis at its group firm National Spot Exchange Ltd.
In the first arrest in the NSEL's Rs 5,600 crore (Rs 56 billion) payout scam, a top official of the beleaguered spot commodity bourse, which defaulted on its payment for the eighth time in a row yesterday, was held on Wednesday by Mumbai police's Economic Offence Wing (EOW).
Jignesh Shah, the promoter of National Spot Exchange Ltd (NSEL), and its former CEO Anjani Sinha on Friday traded charges in connection with the multi-crore payment crisis at the crippled bourse which has affected over 13,000 investors.
The Mumbai Police, probing the Rs 5,600-crore (Rs 56 billion) scam at the National Spot Exchange has initiated the process of attaching about 25 immovable assets of the borrowers and has shortlisted nearly 100 properties of all the accused in the case, a senior police official said.
Shah came under scanner last year, when his group company NSEL faced a payment crisis and nearly 18,000 investors allegedly lost millions in late July.
The board will have to take a decision that he cannot remain a permanent director and also have to decide to whether to amend the article of association of the exchange in this regard.
The cash segment turnover at MCX-SX sharply fell to Rs 624 crore (Rs 6.24 billion) in November from Rs 1,119 crore (Rs 11.19 billion) in October, 2013.
In a fresh development in NSEL's Rs 5,600 crore scam, the Enforcement Directorate (ED) on Monday registered a preliminary inquiry into the payment crisis, suspecting large-scale money laundering in the beleaguered spot exchange, a senior official said.
Department seeks investor database on the suspicion of fictitious investors.
In yet another setback to it, the National Spot Exchange Ltd on Monday saw non-executive chairman Shankarlal Guru and another director quit, blaming 'bad people' in the management team for the crisis at NSEL.
Joginder Tuteja lets us know what to expect.
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