Jignesh Shah won't be permanent shareholder director on MCX

Regulatory authority Forward Markets Commission (FMC) told CNBC-TV18's Varinder Bansal that Multi Commodity Exchange of India ( MCX ) needs to amend its artcile of association, which has given Jignesh Shah a permanent director seat on MCX board since 2006.

This is in line with the earlier directive by FMC to all commodity exchanges which said that there cannot be any permanent shareholder director on the commodity exchange board.

This will mean that Jignesh Shah will not be permanent shareholder director on MCX, but his place on MCX board on rotational basis will depend on the "fit and proper" status, which will be decided later by FMC. 

Also Read: MCX board approves appointment of 5 new directors

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