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Multi Commodity Exchange of India today said that its board of directors has approved the appointment of two independent directors and three shareholder directors.
The board of directors at its meeting held on October 22, approved these appointments, the exchange said in a regulatory filing today.
The three shareholder directors are K.N. Raghunathan, who is General Manager, Treasury, Union Bank of India, Sanjaya Agarwal, General Manager (Treasury & Investments), Bank of Baroda, and P. Paramasivam, General Manager, Corporation Bank.
G. Ananth Raman has been appointed as independent director till June 20, 2014 and Pravir Vohra has also been inducted as an independent director till March 31, 2016, the filing said.
It said that the board has accepted the resignation of Shreekant Javalgekar as MD and CEO of the company with immediate effect and Parveen Kumar Singhal, Deputy Managing Director (non-board) has been directed to take care of the day-to-day affairs of the exchange until a new incumbent is appointed as MD and CEO.
A fortnight ago, MCX promoter Jignesh Shah and Joseph Massey were forced to opt out from the board of MCX-SX, which is the stock exchange arm of Financial Technologies.
Massey was Managing Director on the stock exchange. MCX MD Shreekant Javalgekar had also resigned last week.
The market was anticipating Shah’s resignation from the MCX board as well against the backdrop of the payment crisis of Rs 5,600 crore in the group company, National Spot Exchange (NSEL).
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