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MCX head quits bullion association board

FMC to seek further clarifications from the exchange on the issue

After the controversy on National Spot Exchange Ltd’s operations, a subsidiary company and its clearing member, the Indian Bullion Market Association Ltd (Ibma) is under scrutiny. Shreekant Javalgekar, a professional with the FT group (of which NSEL is a part) and now managing director of the Multi Commodity Exchange, has stepped down from the board of directors of Ibma. This is after the Forward Markets Commission’s objection to Ibma’s trading activity on the MCX. The regulator also wants to know how and why Ibma was allowed to do so. Ibma was set up by NSEL with ...