The MCX today said State Bank of India (SBI) has withdrawn the nomination of its director on the board of the commodity bourse.
"Post SBI's participation in the recent IPO of the company, SBI has now decided to relinquish their right of nomination on the Board of the company," the country's leading commodity bourse MCX said in a filing to the BSE.
Consequently, K Venugopal, nominee of SBI, ceases to be the director of the exchange, it said.
SBI withdrew its nomination as the country's largest bank sold its entire 4.14% stake in MCX through the Open Public Offer (IPO) launched in February.
The scrip of the exchange rose marginally to settle at Rs 1,016 on the BSE.