The resignations by Shah and Massey come on the heels of their interrogation by the EOW of the Mumbai police
Jignesh Shah, vice-chairman and shareholder director of the MCX-SX, and Joseph Massey, managing director and chief executive have resigned from the Board of the exchange.
In a release, MCX-SX said, Thomas Mathew, former chairman of Life Insurance Corp of India (LIC) has been appointed as public interest director of the Exchange by market regulator Securities and Exchange Board of India (SEBI).
As an interim arrangement, U Venkataraman, whole-time director, will assist the Special Committee of Public Interest Directors in carrying out the functions of the exchange.
Earlier, Joseph Massey had not offered himself for reappointment on the MCX board.
Both the resignations by Shah and Massey come on the heels of their interrogation by the Economic Offences Wing (EOW) of the Mumbai police.
Meanwhile, the EOW arrested Amit Mukherjee, assistant vice president for business development at National Spot Exchange Ltd (NSEL). This is the first arrest the Rs5,660 crore NSEL scam by Mumbai police.
Mukherjee was arrested for his alleged connivance with traders and borrowers who cheated NSEL, and also for his alleged failure in protecting the interests of the organisation.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
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