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MULTI COMMODITY EXCHANGE OF INDIA LTD. - Multi Commodity Exchange of India Ltd reply to clarification sought by the exchange
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09 Jan 2015
The Exchange had sought clarification from Multi Commodity Exchange of India Ltd with respect to news article appearing on Economic Times website on January 2, 2015 titled &quot;Regulatory hurdle hits Kotak Group&apos;s plan to secure board seat on commodity bourse MCX.&quot;&lt;BR&gt; &lt;BR&gt;Multi Commodity Exchange of India Ltd replied stating &quot;the letter mentioned in the media is from our regulator Forward Markets Commission (FMC) seeking clarification on certain matters mentioned in the said letter with respect to the appointment of Mr. Paul Parambi as a director on the Board of the Company as a nominee of Kotak Mahindra Bank Limited (KMBL). Pursuant to the FMC Guidelines, any appointment on the Board is subject to the approval of FMC. The regulator had sought clarification in the matter for taking appropriate view in this regard and the same was to be deliberated and considered by the Board in its meeting before being responded to. The said letter is a communication between the regulator and the regulated entity and as such we have no comments to offer on the same.&lt;BR&gt; &lt;BR&gt;Further, it may be noted that KMBL vide its letter dated January 8, 2015 has withdrawn, for the time being, its nomination for appointment of Mr. Paul Parambi on the Board. In view of the same, no clarification is warranted from our end and the Board took note of the facts as placed before it including the letter received from FMC&quot;.
View all announcements for MULTI COMMODITY EXCHANGE OF INDIA LTD. Source: BSE India