India's MCX says CEO submits resignation

Sat Oct 19, 2013 6:13pm EDT
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MUMBAI (Reuters) - The Multi Commodity Exchange of India Ltd MCEI.BO said on Saturday its managing director and chief executive officer, Shreekant Javalgekar, had submitted his resignation from the company, in which Financial Technologies FITE.NS holds a 26 percent stake.

It did not specify a reason for the resignation in a statement.

Financial Technologies also owns National Spot Exchange Ltd (NSEL). The NSEL has been under investigation by local police since last month after India's commodities regulator ordered it to suspend trading over suspected violations of rules on contract duration.

The MCX board will meet on Tuesday to discuss the appointment of a new CEO, its spokesman said.

(Reporting by Himank Sharma, Siddesh Mayenkar and Aradhana Aravindan in MUMBAI; Editing by Ron Popeski)

A staff member walks past the MCX-SX logo at their Exchange Square building in Mumbai February 11, 2013. REUTERS/Vivek Prakash