Metropolitan Stock Exchange CEO Saurabh Sarkar to quit

Sources say failure to turnaround the business behind exit

Metropolitan Stock Exchange's Managing Director and CEO Saurabh Sarkar will resign soon as the bourse grapples with tough business conditions and low cash reserves.

The board of the exchange, earlier known as MCX-SX, would meet next week to appoint Sarkar's successor.

"Saurabh Sarkar, MD & CEO of Metropolitan Stock Exchange of India Ltd (MSEI), formerly MCX-SX, has expressed his desire to resign. The board of MSEI will be meeting shortly to appoint a new MD & CEO," a spokesperson from the bourse said.

Sources said that non-performance and failure to turn around the business of the exchange are the main factors that have led to the imminent exit of Sarkar.

The exchange has only two to three months of cash reserve left with it, they added.

According to sources, MSEI's board took a strong view of the situation and is believed to have asked Sarkar to leave.

The board is expected to meet next week to decide on appointing a MD and CEO. Metropolitan Clearing Corporation's head Udai Kumar is likely to be given the interim charge of the exchange, sources added.

MSEI rechristened itself from MCX-SX in the wake of the turmoil at its former promoter Financial Technologies that was triggered by the Rs 5,700-crore payment crisis at the National Spot Exchange Ltd (NSEL).