MCX-SX gets new CEO

MCX Stock Exchange, set up by crisis-hit NSEL's promoters, on Friday appointed Saurabh Sarkar as CEO and announced plans for fresh capital infusion by its existing shareholders among measures to boost business.

After a board meeting here today, MCX-SX said that market regulator Sebi has approved the appointment of a new Managing Director and CEO, who was likely to join shortly.

While the company did not disclose the name, sources said that Saurabh Sarkar, head of United Stock Exchange, has been selected to head MCX-SX, which commenced operations as a full fledged exchange in February 2013.

Earlier in October, Joseph Massey had resigned as CEO of MCX-SX amid a major payment crisis at the National Spot Exchange (NSEL), both of which have been promoted by Jignesh Shah-led Financial Technologies group.

While renewing MCX-SX's licence in September, the Sebi had ordered setting up of an expert panel for taking all key business decisions at the exchange in the wake of NSEL crisis.

Subsequently, Massey resigned from MCX-SX amid wide-ranging changes in top leadership teams and boards of various ventures of Financial Technologies group.