MCX executive challenges dismissal from job

Satyajeet Bolar, Vice-President of finance and accounts at MCX, has challenged his dismissal from the exchange. The matter was taken up for discussion on Wednesday by the nomination and remuneration committee (NRC), which consists of board members of MCX, sources told BusinessLine .

The MCX board also discussed appointment of three new independent directors, including a former member of the Central Board of Excise and Customs, a former risk officer at the National Stock Exchange who has also worked with Kotak group, and an earlier public interest director of MCX, the sources said.

A few months ago Bolar was moved to MCXCCL, the clearing corporation of the commodity exchange, on deputation as the CFO. After working there for some time, Bolar was told by senior management of MCXCCL that his salary for the post was too high and hence his position was ‘redundant’ for the company.

Bolar requested MCX chief Mrugank Pranjape to recall him from deputation but the request was turned down, sources close to Bolar told BusinessLine. Following this, Bolar wrote to the MCX board members and protested against his removal. Bolar’s removal came just days ahead after Prajanpe decided not to contest re-appointment for the post of MD and CEO after his term ends in May .

Per SEBI rules, anyone directly reporting to the MD and CEO and even two levels below him in market infrastructure companies, such as exchanges and clearing corporations, is part of key management personnel (KMP). The regulator requires that it be informed about the appointment or removal of such KMPs.

An email sent to MCX did not receive any response. Bolar has not been reachable.

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