Published On: Sat, Mar 15th, 2014

MCX-SX Appoints Thomas Mathew As Chairman

Thomas Mathew T., Chairman, MCX Stock Exchange Limited

Thomas Mathew T., Chairman, MCX Stock Exchange Limited

The MCX-SX board met on 14 March and elected Mr. Thomas Mathew T., Former Chairman LIC as the Chairman of the exchange & Ms. Ashima Goyal, Professor at Indira Gandhi Institute of Development Research (IGIDR) as the Vice Chairperson of the exchange. The board dismissed speculative reports claiming that several board members are likely to put in their resignations.

Mr. Saurabh Sarkar, MD & CEO, MCX-SX stated that “The board meeting was as per the schedule and planned one month in advance. Mr. G K Pillai the outgoing Chairman has played a key role in ring-fencing the exchange at a critical juncture and helped bring stability to the exchange. All other directors continue to be on the board and we look forward to guidance from Mr. Thomas Mathew T. and Dr. Ashima Goyal”

Mr. G K Pillai the outgoing Chairman stated that “I am happy to state that MCX-SX is run by a professional management team and has an eminent board. I took charge of the exchange at a time when it had several challenges. However, in the last few months we have managed to appoint a new board and MD & CEO to take charge of the exchange. The ongoing rights issue is on track and we have received confirmation from several shareholders for participation. We have also been successful in rationalizing costs in a significant manner, which will improve our balance sheet in times to come. It was a wonderful experience to work with the team and I am stepping down due to personal reasons.”

Mr. Thomas Mathew added that “I am thankful to Mr. G K Pillai for guiding the Board. Our immediate priority is to increase our operational efficiency, market participation and volumes on the exchange. We are confident that the policy reforms for Currency Derivatives segment will give the desired boost to the volumes resulting in a turnaround in the balance sheet. In addition to this, launching new products will give the exchange the much needed differentiation.”

Earlier during the day, the management of the exchange announced that the ongoing rights issue (in the ratio of 2:1) has received good response and the exchange has also received expression of interest from new investors. Hence the exercise of a preferential allotment post the rights issue may be considered. The exchange has cleared stringent audits by the regulator before granting the renewal in October 2013 and was granted permission to offer trading in IRF segment indicating the confidence of the regulator on the exchange and its systems & processes. The exchange has cemented its No. 2 position in the newly launched IRF segment.

The exchange also announced that FTIL & MCX have been re-classified from the category of “Promoter shareholder” to “Public Shareholder”.

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