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MCX shares gain after Jignesh Shah,Joseph Massey quit MCX-SX board

MCX has been under investors' watch after a payment crisis involving commodities exchange NSEL.

Written by Reuters | Mumbai | Published: October 10, 2013 12:36:31 pm

Multi Commodity Exchange of India Ltd (MCX) shares gain 5 percent after a stock and currency exchange partly owned by the company announced changes to its management and board.

MCX-SX,in which MCX owns a 4.99 percent stake,said late on Wednesday that Chief Executive Joseph Massey and key director Jignesh Shah had resigned,adding that India’s market regulator had appointed a director on its board.

MCX has been under investors’ watch after a payment crisis involving commodities exchange National Spot Exchange Ltd (NSEL). Both share the same parent,Financial Technologies India Ltd (FTIL)


NSEL abruptly suspended trading in August and has since been the subject of investigation by the local authorities.

Both Shah and Massey hold various roles across these companies. Shah sits on NSEL’s board and is the chairman and Group CEO of Financial Technologies,while Massey held a board seat at MCX until last month.

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