 "Saurabh Sarkar quits as MD, CEO of Metropolitan Stock Exchange")
Saurabh Sarkar has quit as the managing director and chief executive officer of Metropolitan Stock Exchange of India (MSEI), formerly known as MCX-SX. “The board of MSEI will be meeting shortly to appoint a new MD & CEO,” said a spokesperson.
Non-performance and failure to turn around the business of the exchange are the main factors that led to the imminent exit of Sarkar, said a PTI report, quoting sources. The exchange has only two to three months of cash reserve left with it, the report added.
In July, the exchange had raised Rs 75 crore by way of rights issue. The issue was subscribed by institutional investors such as State Bank of India and Axis Bank. Veteran investor Rakesh Jhunjhunwala, too, had subscribed.
Metropolitan Clearing Corporation’s head Udai Kumar, is likely to be given the interim charge.
MCX-SX was renamed MSEI in the wake of the turmoil at its former promoter, Financial Technologies, triggered by the Rs 5,700-crore payment crisis at Financial Technologies-promoted National Spot Exchange. MSEI sees hardly any trading volumes in the equity segment.
