MSEI appoints Udai Kumar as interim MD, CEO; Sarkar resigns

Metropolitan Stock Exchange has appointed Udai Kumar as interim Chief Executive and Managing Director following resignation by incumbent Saurabh Sarkar. In addition, the exchange has initiated the process of hiring a new MD and CEO. Sarkar quit the bourse that is battling low business volumes and inadequate reserves.

He resigned to move on for better opportunities, the exchange, formerly known as MCX Stock Exchange (MCX-SX), said in a statement. "The exchange thanks him for all the positive achievements and wishes him all the best for the future," it said. The bourse board, which met on October 10, has appointed Kumar as interim MD and CEO of the exchange.

He is the Managing Director of Metropolitan Clearing Corporation of India Ltd. Metropolitan Stock Exchange of India Ltd (MSEI) rechristened itself from MCX-SX in the wake of turmoil at its former promoter Financial Technologies that was triggered by the Rs 5,700 crore payment crisis at the National Spot Exchange Ltd (NSEL), all of which were earlier part of the same group. Following regulatory orders, the erstwhile promoters had to leave the exchange, which had begun operations with much fanfare as the country's newest stock exchange.

While it began operations in currency derivatives segment from October 2008, it launched capital markets trading in February 2013.