MUMBAI, APRIL 12: R C Mathur, executive director of the Bombay Stock Exchange (BSE), has resigned from his post on Monday. Mathur's resignation comes in the backdrop of the Securities and Exchange Board of India's (SEBI) investigation into the infamous payment crisis, which rocked the stock markets in June 1998, and two weeks after the sacking of former BSE president J C Parekh.The governing board of the exchange which met here today accepted Mathur's resignation. SEBI had issued a show-cause notice to Mathur along with Parekh and former vice president Rajendra Banthia for their alleged involvement in price rigging in BPL, Sterlite and Videocon International during April and May 1998.The BSE on Monday announced that the governing board has appointed a management committee consisting of senior officers to look after the administration of the exchange. Mathur, who was appointed as the executive director of the exchange in 1995 was sent on deputation by the State Bank of India. He retired from the SBI onMarch 31, 1999; however, his tenure at BSE comes to an end on April 30, 1999.At the meeting of the BSE governing board, the copies of the show-cause notice issued to Parekh and the orders passed by SEBI chairman against him, as well as the copies of various court orders passed by the High Court and the Appellate Authority were placed. The governing board felt that the matter is sub-judice and therefore, it would not like to take any view on this matter at this stage.It may be recalled that Mathur simply failed to turn up on March 30 for his hearing - that too after he had sought and obtained an extension. Mathur was expected to give a hearing before the SEBI chairman D R Mehta on Monday. According to sources, the decision of the Appellate Authority in the Finance Ministry to uphold the SEBI decision sacking Parekh as president, prompted Mathur to resign from the post.
