Sudhindra Jain has resigned from the post of Director of Uttar Pradesh Stock Exchange citing health reasons.
Sources, however, said that he has resigned due to non- functioning of the Exchange for last nearly one year.
"Tension is prevailing in the exchange and doctors have advised me not to take any mental stress. This is the reason for my resignation", Jain today told PTI.
Things are not moving well in the exchange as the market regulator, SEBI has neither approved nor rejected the application for renewal for the year 2014-15, he said.
SEBI has given clear instructions that a stock exchange can operate only if it is doing business worth Rs 1,000 crore or its net worth is Rs 100 crore. UP Stock Exchange is not fulfilling that criteria, Jain added.
As far employees of the exchange are concerned, they may opt for VRS, Jain said.
Fate of the employees is undecided due to the closure of operations in the exchange, the general secretary of UP Stock Exchange Employees Union Satya Narain Tripathi said.
