Indian Godfather of Derivatives Trading Packs Up - Jignesh Shah Resigns

"No surprises here," said one Hyderabad-based commodities trader. The much awaited resignation of one of India's richest and most influential people has finally happened.

Jignesh Shah, the financial markets kingpin whose Financial Technologies, a leading technology firm, is behind the countries most liquid commodity bourse has decided that, 'enough is enough' and formally resigned from the MCX-SX Exchange where he held the post of Vice Chairman and Shareholder Director.

The MCX-SX, one of Shah's powerhouses issued a notification on the 9th of October, outlining key structural changes. Shah is accompanied by Mr. Joseph Massey, Managing Director and CEO of MCX-SX and as Shareholder Director of MCX-SX CCL who has also handed in his resignation.

The NSEL, a Financial Technologies owned firm, was suspended from trading after the regulators saw irregularities in the way it conducted business. Government estimates suggest that the shortcomings of the exchange could result in over $1.5 billion of investor losses.

Indian investors have filed complaints to the police as a result of the fraud.

MCX-SX was unable to comment.