Gopal K Pillai to be new MCX-SX chairman

Thomas Mathew, former LIC chairman, made new vice-chairman

The MCX Stock Exchange (MCX-SX) on Friday announced the appointment of former Union home secretary Gopal Krishna Pillai as chairman of its board of directors and of former Life Insurance Corporation of India chairman Thomas Mathew as its new vice-chairman.

This comes about three weeks after Jignesh Shah resigned as vice-chairman. Joseph Massey, the managing director and chief executive officer, had also stepped down last month; a replacement is being sought.

The exchange said the board had elected Pillai and Mathew on October 24, after which approval came from the Securities and Exchange Board of India (Sebi). The regulator had granted renewal to the exchange in September after an extensive inspection.

While doing so, it had asked the latter to strengthen its governance structure.

The one-year renewal came amid group entity National Spot Exchange Ltd’s Rs 5,500-crore settlement crisis.

“Our aim will be to restore the confidence amongst all stakeholders and ensure the institution continues to demonstrate its contribution to the inclusive growth of Indian financial markets,” said Pillai.

“Our focus will be to leverage the strengths of the institution to deliver healthy volumes on the exchange and closely work with the regulators and policy makers for development of Indian markets,” said Mathew.