MCX MD resigns from boards of a dozen group firms

Shreekant Javalgekar, managing director and chief executive of the Multi Commodity Exchange (MCX), has resigned from about a dozen domestic and foreign arms of the Financial Technologies Group, promoter of National Spot Exchange Ltd (NSEL) and MCX. The resignations come in the wake of the NSEL payment crisis. After stepping down as NSEL director on August 13, Javalgekar resigned from various group companies, including FT Group Investment Mauritius and FT Middle East.

He has also stepped down from some of the group's flourishing domestic ventures, including Capital Market Services, FT Projects, IBS Forex, Takshshila Academia of Economic Research and Grameen Projects Foundations, some of the Financial Technologies Group's investment, research and business development arms. Javalgekar was considered a pioneer in these fields.

"Javalgekar resigned from all group companies as he wanted to focus on the MCX business," said sources in the know. An MCX spokesperson said, "Javalgekar left the board of other group ventures due to personal issues."

Early last month, he had stepped down from the board of NSEL's subsidiary company and its clearing member, the Indian Bullion Market Association.