 "Jignesh Shah quits IEX board")
Jignesh Shah has quit the board of Indian Energy Exchange (IEX) amid his group grappling with multiple woes in the wake of the Rs 5,600-crore payment crisis at the National Spot Exchange Ltd (NSEL). Financial Technologies (India) Ltd (FTIL), founded by Shah and also the flagship firm of his group, is the promoter as well as largest shareholder in the exchange.
In the wake of the NSEL crisis, the group has come under the scanner of multiple agencies, including the Securities and Exchange Board of India (Sebi) and the Forward Markets Commission (FMC).
Shah has put in his papers as non-executive director from IEX board last month. His resignation has been accepted by the exchange's board, a source close to the development said.
FTIL has two nominees on the IEX board.
The exchange now has 10 members on its board, which is chaired by Venkat R Chary while S N Goel is the CEO and managing director, according to its website.
The exchange, which started operations in 2008, is the country's premier bourse for electricity.
In the wake of the NSEL crisis, the group has come under the scanner of multiple agencies, including the Securities and Exchange Board of India (Sebi) and the Forward Markets Commission (FMC).
Shah has put in his papers as non-executive director from IEX board last month. His resignation has been accepted by the exchange's board, a source close to the development said.
FTIL has two nominees on the IEX board.
The exchange now has 10 members on its board, which is chaired by Venkat R Chary while S N Goel is the CEO and managing director, according to its website.
The exchange, which started operations in 2008, is the country's premier bourse for electricity.
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