Joseph Massey resigns from MCX, FT's foreign bourses

Joseph Massey, who serves as a member of the board on multiple exchange ventures from the Financial Technologies group has resigned as director from the board of Multi Commodity Exchange of India (MCX) and foreign bourses of the group, including Singapore Mercantile Exchange (SMX), Global Board of Trade (GBOT) and Bourse Africa.

He has also stepped down as director from Indian Energy Exchange (IEX), confirmed a company spokesperson.

The MCX stock was down five per cent to close at Rs 382.05 on Monday. The Financial Technologies stock was down 6.43 per cent to Rs 141.1.

A spokesperson did not immediately comment on the reason for the resignation. Earlier, reports indicated that Massey may have to exit key positions on account of regulatory norms, which require that the managing director of a stock exchange cannot be associated with a subsidiary or other stock exchanges.

Massey is managing director and chief executive officer of MCX Stock Exchange.

The group has been under regulatory scrutiny following NSEL's Rs 5,500 crore default. The promoters of the company maintain that it was a case of management fraud.