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Amit Goela, a close confidant of leading stock market investor Rakesh Jhunjhunwala and a partner who worked at his Rare Enterprises, resigned from the board of Multi Commodity Exchange (MCX). Goela and Madhu Jaykumar, who are closely associated with Jhunjhunwala, were appointed on the board of MCX in 2015. Jhunjhunwala holds nearly 5 per cent stake in the commodity bourse, which he purchased in tranches since 2015.
Goela told BusinessLine that he resigned due to personal reasons and other priorities. He also said that market regulator SEBI has cleared his name for reappointment on the board. However, legal experts say that brokers and large traders are not allowed to sit on an exchange board. Jhunjhunwala is an investor as well as an active trader in the markets. Goela was also a director at Rare Shares and Stock and worked closely with Jhunjhunwala to such an extent that he helped him identify stocks for investments.
As per MCX report, Jhunjhunwala recommended the name of Mohan Narayan Shenoi as a shareholder director of the exchange to replace Goela. Shenoi, a veteran banker for nearly four decades, worked with Kotak Bank before he retired as the chief operating officer. Kotak Group is another large shareholder in MCX.
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