CSE officials quit over lapses

In their resignation letters addressed to CSE president Chacko J Kallivayalil, both of them said that as responsible council members they would like to bring to his notice that "some irregularities have taken place in the surveillance and market operations. I cannot support these kind of irregularities. I believe in transparency and Ikeep members interest as well as image and integrity of the institution above and over personal interest. Under these circumstances, I cannot continue as an office-bearer, because I cannot compromise on policies," the letters said.

Both Ramakrishnan and Shenoy confirmed the resignation news. Both said they submitted their resignation to the exchange president on Thursday. They said they stepped down from their office as they could not be associated with the irregularities in the trading system of the exchange. However, both of them refused to divulge further details. Chacko Kallivaylil said the management had accepted the resignation of the Ramakrishan and Sudhees Shenoy and decided to call a director board meeting on May 25 to discuss the issue. He dismissed the allegations about any irregularities in the exchange’s surveillance system and said the exchange was following the guidelines of the Securities and Exchange Board of India in letter and spirit. "The exchange is following the rules and regulationsreligiously. The management has not shown any undue favour to anybody including office-bearers," the CSE president said.

The director board meeting slated to be held on Tuesday would discuss the issue. The board would also call for the AGM of its members to elect new board members. He said the term of two of the directors would expire this month and therefore fresh elections would have to be held.