Published On: Thu, Oct 31st, 2013

Jignesh Shah Resigns From Board of MCX

Jignesh Shah, Vice Chairman MCX-SX

Jignesh Shah, Vice Chairman MCX-SX

Financial Technologies (India) Limited Founder Chairman, MD & CEO, Mr. Jignesh Shah announced 31 October his decision to resign from the board of Multi Commodity Exchange of India Ltd (MCX).

Speaking on the issue of FMC’s show-cause notice on ‘fit and proper’, Mr. Jignesh Shah said: “A detailed reply has been filed addressing all the concerns raised in the regulator’s show cause notice”

Mr. Shah’ has helped develop commodity markets in India and set up MCX from grass root to a globally ranked #2 commodity futures exchange in the world. He further adds: “The NSEL crisis has destroyed everything that I have worked hard to build over past two decades”. My loss is not just financial but what has hurt me and my family most is the concerted effort to destroy my credibility and trust for which I have lived by all my life.”

Speaking on MCX he said “I have worked tirelessly along with my team for creating institutions such as MCX and putting India on the global map. I don’t want any event or anything to undermine their reputation and want to ensure that the shareholder and investor interests are not harmed by the mud-slinging that has been done towards the entire range of institutions that have been created by the Group”

“I wish the very best to the management and Board of MCX for future. I hope that they will do justice to the growth opportunities ahead of them and I will see the institution grow from a distance for the rest of my life.” he added.

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