Massey resigns from MCX, FT's foreign bourses

Also steps down as director from Indian Energy Exchange

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 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 5% to close at Rs.382.05.The Financial Technologies stock was down 6.43% to close at 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.

 

Financial Technologies exchange ventures include Multi Commodity Exchange of India Ltd. (MCX), the National Spot Exchange Limited (NSEL), the Indian Energy Exchange (IEX), Dubai Gold and Commodity Exchange (DGCX), Singapore Mercantile Exchange (SMX), Global Board of Trade (GBOT), Bahrain Financial Exchange (BFX) and Bourse Africa.

 

The group has been under regulatory scrutiny following the National Spot Exchange’s Rs.5500 crore default. The promoters of the company maintain that it was a case of management fraud.