FT nominee resigns from MCX Board

Paras Ajmera, a nominee of promoter Financial Technologies India Ltd (FTIL) to the board of directors of Multi Commodity Exchange of India Ltd (MCX), has resigned from the board of the exchange.

MCX on Wednesday informed the BSE that FTIL had withdrawn the nomination of Ajmera, a shareholder director, from the board with effect from  November 12, consequent to his resignation from the MCX Board. Ajmera sold MCX shares worth Rs 75.94 crore since December 2012. Of these, shares  worth Rs 4.26 crore were sold in June, before the NSEL crisis came out in the open (in July), BSE filings showed.

Ajmera was the only FTIL representative on the MCX Board after FTIL’s founder Jignesh Shah resigned from the board two weeks ago.

New norms of the commodity regulator, Forward Markets Commission (FMC), permits FTIL, which holds 26 per cent equity in the bourse, to have only one nominee. After Ajmera’s resignation, FTIL has no nominee on the board.

However, sources said another nominee will be named soon by FTIL.