Invoking its regulatory powers, the Forward Markets Commission late this evening issued a show cause notice to the Multi Commodity Exchange of India (MCX) and its directors why they should be considered “fit and proper”.
Notices have been issued to Financial Technologies, the largest shareholder of MCX, and three existing directors of MCX – Jignesh Shah, Joseph Massey and Shreekant Javalgekar. The regulator will have to get a reply within two weeks.