Financial Technologies nominee resigns from MCX board

Paras Ajmera will no longer continue as FT's nominee on the Multi Commodity Exchange of India board

Paras Ajmera, a nominee of Financial Technologies on the board of Multi Commodity Exchange of India Ltd (MCX) as a shareholder representative resigned from the board of the exchange.

MCX informed the Bombay Stock Exchange that Financial Technologies (India) withdrew the nomination of Paras Ajmera, shareholder director, from the board with effect from November 12, 2013 consequent to his resignation from MCX Board.

Ajmera was the only FTIL representative on the MCX board after FTIL’s founder Jignesh Shah resigned from the board in October. According to the new rules of the commodity markets regulator Forward Markets Commission (FMC), FTIL, which holds 26 per cent equity in the bourse, can have only one nominee. With Ajmera also resigning from the company’s board, FTIL will have no nominee. However, sources said that FTIL may name another nominee director soon.