MCX has announced that six board members have resigned as directors from the board and it has formed an initial settlement guarantee fund of Rs 232 crore.
Among the people who have quit the board include Venkat Chary, Chairman; directors C.M. Maniar and Shvetal Vakil. Chary and Maniar have quit the board as FMC guidelines do not allow people above 70 years to remain on board. Besides, Lamon Rutten and P.R. Barpande have also put in their papers.
FMC has appointed Santosh Kumar Mohanty has taken over in place of Prakash Apte as Director.
After the latest round of resignations, FMC board is left with three Financial Technologies nominees, which include Jignesh Shah, Joseph Massey and Paras Ajmera. T. Satish has been nominated by Nabard as shareholder Director. FMC has already appointed four nominees. Shreekant Javalgekar will remain the Managing Director of Multi Commodity Exchange. With the latest revamp, the exchange meets the FMC norm of having a board which consists of 50 per cent independent directors.