USE chief quits, will remain on board

T S Narayanasami, who was instrumental in setting up the United Stock Exchange (USE), has resigned as the MD and CEO of the bourse. He will, however, continue to be on its board.

“Narayanasami has resigned for personal reasons. He will remain on the board,” said an official statement from the exchange.

The resignation comes within a month of USE completing one year of operations. The exchange, present only in the currency derivatives segment, managed an average market share of 22 per cent in recent months.

The development comes soon after the exchange came under regulatory scanner for alleged concentration of trades by Gurgaon-based Jaypee Capital, which is also a shareholder in USE.