Shvetal Vakil

On September 19, MCX had issued a revised notice for the annual general meeting. As per latest FMC norms, Venkat Chary, C M Maniar and Shvetal Vakil ceased to be directors of the exchange with effect from August 31, 2013, and Mr Massey was the only eligible candidate for reappointment.

Complying with the latest norms from the Forward Markets Commission (FMC) on appointment of directors on boards of stock exchanges, Multi Commodity Exchange (MCX) said on Thursday that only one official is eligible to remain as director, while three others cease to exist.

MCX chairman Venkat Chary and five other directors on the commodity exchange board quit on Friday following the implementation of new guidelines including those that bar any person over 70 years of age to hold a board position.

On September 19, MCX had issued a revised notice for the annual general meeting. As per latest FMC norms, Venkat Chary, C M Maniar and Shvetal Vakil ceased to be directors of the exchange with effect from August 31, 2013, and Mr Massey was the only eligible candidate for reappointment.

Complying with the latest norms from the Forward Markets Commission (FMC) on appointment of directors on boards of stock exchanges, Multi Commodity Exchange (MCX) said on Thursday that only one official is eligible to remain as director, while three others cease to exist.

MCX chairman Venkat Chary and five other directors on the commodity exchange board quit on Friday following the implementation of new guidelines including those that bar any person over 70 years of age to hold a board position.