A clause in the articles of association states that Mr Shah shall be a permanent director of the company and shall hold office which shall not be liable to retire by rotation, the company said in a filing to the BSE.
The Forward Markets Commission (FMC), on Wednesday, said Mr Shah and his firm Financial Technologies India Ltd (FTIL) were not 'fit and proper' to run any exchange in the country. The commodity market regulator also charged Mr Shah of being the "highest beneficiary" in the NSEL scam.
In another BSE filing, the bourse said FMC has appointed S N Ananthasubramanian, president of Institute of Company Secretaries of India (ICSI), as its nominee director on MCX's board.
Mr Ananthasubramanian has been appointed in place of R M Premkumar, (retd. IAS), as FMC-nominated director who has resigned from the board.
"...FMC vide letter dated December 19, 2013 has appointed S N Ananthasubramanian, President of ICSI, as FMC nominated independent director on the board of the company up to March 31, 2016," the BSE filing added.
The commodity exchange was founded by Mr Shah in November, 2003. He is currently the chairman of Financial Technologies India Ltd (FTIL) which owns and runs National Spot Exchange Ltd (NSEL), which is facing a crisis involving payments worth Rs 5,500 crore and is being probed by multiple agencies for the same.
On October 9, Mr Shah had quit as vice chairman and shareholder director of MCX-SX, the third major stock exchange in the country. Few weeks later, he also resigned as vice chairman of MCX.
According to sources, after directions from FMC, MCX has called a meeting of its board on December 26 to decide on the regulator's order to cut promoters stake from 26 per cent to 2 per cent.
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