India's Universal Commodity Exchange's CEO resigns

India's Universal Commodity Exchange's Chief Executive Samir Shah resigned on July 5, citing personal reasons, about a month after he joined the company.

"I am going for personal reasons. I am going back to Singapore, it didn't work for me," Shah told Reuters. Shah is in the process of informing the Forward Markets Regulator (FMC), the commodity markets regulator, he said. UCX officials could not be immediately reached for a comment. UCX, promoted by IT People, had received an in-principle approval from the FMC in August last year to set up a national level commodity exchange. India, the biggest buyer of bullion and the second-largest wheat and rice growing nation, has 21 commodity bourses, including five operating at the national level. Also read IDBI buys 10% in Universal Commodity Exchange