Quit MCX-SX to protest CBI move; Bhave probe weird: Pillai

The resignation came hours ahead of a scheduled board meeting of MCX-SX, where former LIC Chairman Thomas Mathew took over as new Chairman.

It is important for currency exchanges to have a very clear idea of what the regulator is actually having in its mind.

GK Pillai

Ex-Chairman

MCX-SX

The decision to resign as chairman of MCX-SX was in part a protest against the CBI move, says former home secretary GK Pillai. The resignation came hours ahead of a scheduled board meeting of MCX -SX, where former LIC Chairman Thomas Mathew took over as new Chairman.

The Central Bureau of Investigation (CBI) registered a Preliminary Enquiry (PE) into the grant of licence to the exchange way back in 2008 and the subsequent renewals. Surprisingly, a PE has also been registered against Sebi's former chairman CB Bhave and ex-member KM Abraham, besides MCX-SX promoters FTIL and MCX.

Bhave and Abraham were said to have been opposed to the grant of licence until the exchange met strict guidelines set out by the regulator.

Calling the PE against Bhave "atrocious" Pillai said: "I have no doubt whatsoever about his (Bhave's) integrity and the fact that he has taken decisions in a professional manner. This whole action of trying to second guess decisions taken five afterwards, I think is not good for the business climate in India," he told CNBC-TV18's Latha Venkatesh and Anuj Singhal. 

He said the CBI lacks understanding of the financial markets.  

Moreover, Pillai believes the timing of the CBI inquiry a week before right issue was bad. He said MCX-SX needs capital infusion and majority shareholders should support the exercise. The exchange, which has not made in money for the last four-years, can report profits by the end of the financial year, said Pillai. "The potential for financial markets in India is huge," he told the channel.

MCX India stock price

On February 24, 2014, Multi Commodity Exchange of India closed at Rs 502.05, down Rs 13.05, or 2.53 percent. The 52-week high of the share was Rs 1203.00 and the 52-week low was Rs 238.30.

The company's trailing 12-month (TTM) EPS was at Rs 36.40 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 13.79. The latest book value of the company is Rs 226.82 per share. At current value, the price-to-book value of the company is 2.21.

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