After Sebi warning, MCX-SX sets up panel to monitor operations

The move will help strengthen the corporate governance structure of the exchange which is currently facing a payment crisis of over Rs 5,000 crore, according to Sebi

GN Bureau | September 21, 2013

Following a warning issued by the Securities and Exchange Board of India (Sebi) to improve its governance standards, crisis-hit MCX-SX and its clearing company have constituted a high-level committee each to supervise their critical operations.

According to a report in Business Standard, the committees will look into the various functions including top-level recruitments, remuneration and important financial transactions. The move to comply with the markets watchdog order issued on September 12 comes at a time when the stock exchange is struggling to make payments worth Rs 5,600 crore.

“The boards of MCX-SX and MCX-SXCCL have constituted the committees as required in terms of the Sebi renewal letter dated September 12, 2013. We have kept Sebi informed of the same,” an MCX-SX spokesperson said.

However, the names of the committee members are yet to be disclosed.

While renewing the licence of MCX-SX, Sebi had warned the stock exchange to improve its governance standards or its licence would be scrapped.

The stock exchange also announced an extraordinary general meeting (EGM) of its shareholders on October 9, during which they will decide on “the status on conflict of interest and compliance” with the relevant Sebi regulations.



Other News

Sedition law: Can it have a place in democracy?

Does the concept of sedition have a place in modern democracies? This question became more relevant when the apex court recently put the country`s colonial-era sedition law on abeyance stating that there is a “requirement to balance… security interests and integrity of the State… and th

Not just another Manto anthology

The Collected Stories of Saadat Hasan Manto: Volume 1: Bombay and Poona Translated by Nasreen Rehman Aleph Book Company, 548 pages, Rs 999 There are writers, there are writers’ writers, and then there are readers’ writers. Saadat Hasan Mant

These tribal women may be illiterate but are successful entrepreneurs

Meet Promila Krishna, 39, Lalita Nayak, 40, Parbati Gadba, 42, Sanadei Dhuruwa, 39, and Nabita Barika, 41, of Kundra block in Odisha’s Koraput district. Except for Promila who is a matriculate, others haven’t attended school beyond the elementary level. However, while introducing themselves to

Women in workforce: Despite policy support, why it is declining

Michelle Obama once said, “No country can ever truly flourish if it stifles the potential of its women and deprives itself of the contributions of half of its citizens.” That should be so obvious, but it is not, and countries keep depriving themselves of the contributions of half of their popul

Chintan Shivir 2022: Will Congress regain its lost mojo?

The Congress is scheduled to hold a Chintan Shivir (meaning, ‘introspection camp’) from May 13th to 15th in Udaipur and it has identified six specific areas for introspection. These are 1. Political 2. Social Justice and Empowerment 3. Economy 4. Organization 5. Farmers and Agriculture and 6. Y

Role of civil society organisations in governance and CSR

India has the largest share of the deprived and the marginalized among the 1.3 billion-plus, out of the 7.9 billion-plus inhabitants of the world, who are said to be living without shelter or basic amenities required for human existence. Clearly, we need to introspect as to why despite being the fourth or

Visionary Talk: Arvind Sawant, Member of Parliament with Kailashnath Adhikari, MD, Governance Now


Current Issue


Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter