Narendra Gupta, the chief of strategy, at the National Commodities and Derivatives Exchange of India (NCDEX) has put in his papers along with a few other top executives.
The head of the spot market at NCDEX, Mukund S Annigeri has also resigned. Managing director and CEO, NCDEX, PH Ravikumar said, "We do not comment on management related issues. I will neither confirm nor deny."
The moves come at a difficult juncture for the exchange, which is already grappling with dwindling volumes and heavy clampdowns on the policy front. Some other key executives are also believed to have quit along with Mr Gupta and Mr Annigeri. One official put the number at about seven. This, however, could not be immediately verified.
The exchange, which accounts for a major portion of the agricultural volumes, bore the brunt of the drastic rise in prices of essential commodities in 2006. This resulted in the banning of rice, wheat, urad and tur futures on the exchange platform.
In January 2007, under the directive of the regulator of commodity markets, Forward Markets Commission (FMC), a high-level committee under the chairmanship of Justice PN Bhagwati was formed to probe into the urad, chana price settlement issue.
NCDEX and its officials were given a clean chit by the exchange as far as the price settlement issue was concerned.
It however, directed that a 'reorganisation' of the NCDEX management should take place. A section of the market believes that the trouble at the exchange was triggered by intense pressure from the regulator.
When contacted, the chairman of the FMC, BC Khatua said, "I am not aware of all the people who have resigned from the exchange. As far as I am concerned, any issues that have been tackled have been decided under the previous chairmanship".
The exchange, which had grown exponentially in its first few years since its inception in 2003, suddenly saw volumes halve in 2007, to Rs 6.74 lakh crore from 12.4 lakh crore
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