Madhu Vadera Jayakumar, a shareholder director has resigned from the board of the country’s largest commodity exchange, MCX, even as her reappointment is yet to be approved by SEBI.

She was appointed on the board in 2016.

“We wish to inform that Madhu Vadera Jayakumar has tendered her resignation with immediate effect due to personal reasons,” said the exchange in a statement on Wednesday.

Shareholders had approved Jayakumar’s reappointment at the annual general meeting held on August 31. However, SEBI is yet to give the regulatory clearance due to pending inquiries and notices with regard to alleged insider trading against her, BusinessLine had reported on Monday.

Two weeks ago, SEBI had issued a show-cause notice to key members of Aptech’s board and people linked to them for insider trading in the company’s shares. Jayakumar is also on the board of Aptech.

The board of MCX is headed by Saurabh Chandra as Chairman. Its public interest shareholders include Basant Seth, Bhartendu Kumar Gairola, Pravin Tripathi, Shankar Aggarwal, Deepali Pant Joshi and shareholders directors Amit Goela, Chengalath Jayaram, Hemang Raja and Padma Raghunathan. The exchange is headed by PS Reddy as Managing Director and Chief Executive Officer.

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