The chairman of Vadodara Stock Exchange Ltd, Samir Joshi, who was also one of the public interest directors (PIDs) on the board of the regional stock exchange (RSE) has resigned from the post. According to exchange officials, Joshi tendered his resignation on September 15 as he has gone abroad for a longer stay and will not be able to attend board meetings of the exchange.
The exchange, on the other hand, has initiated the proceedings for appointment of a new chairman. Joshi, a professor from the faculty of commerce, MS University of Baroda, was appointed as a PID by the regulator, Securities and Exchange Board of India (SEBI). Joshi's term was to end in December 2013.
"Joshi has resigned from the post of chairman as he is out of country for a longer period. The exchange has sent the new names to Securities and Exchange Board of India (SEBI) for the appointment of new chairman and two more public interest directors. As we are short of the required number of PIDs," said a senior exchange official.
Out of the four PIDs approved by SEBI, two had resigned in June this year leaving only two PIDs and four investor directors on the board. As mandated by SEBI, the RSE's board of directors would comprise of equal number of PIDs and investor/shareholder directors. Recently SEBI had disapproved the appointment of two of the four shareholder directors. At exchange's extraordinary general meeting held on December 29, 2012 the shareholders had appointed four persons in category of shareholder directors, including Sudhir Shah and Mukund Patel.
