Market regulator SEBI has ordered a forensic audit of the operation of the Metropolitan Stock Exchange (MSEI), officially known as MCX SX, over allegations of mismanagement and financial irregularities.
The audit was ordered after a whistleblower and stock market shareholders demanded scrutiny on several aspects, including money allegedly spent by MSEI, fearing the stock market would quickly erode his net worth which could soon fall. below the regulatory requirement of 100 crore. The allegations are that MSEI spent the rent of two offices on premises at BKC and Kurla even when they only occupied one premises and caused a loss of around 1 crore. It has also been alleged that MSEI paid Latika Kundu, Managing Director and CEO of MSEI since March 2020, around 18 lakh for moving from the United States to India with her family when she took the job.
When contacted, Kundu said Activity area that the management of the exchange was in favor of the audit and agreed with SEBI’s suggestion to do so to resolve the issues. She said no major shareholder has complained as they are firmly behind MSEI and have confidence in her appointment as well. The current net worth of MSEI is around 164 crore and the exchange was striving to keep costs down which significantly reduced our losses in the past year and we continue to strive to grow the business, a she declared.
Regarding the office space allegations, Kundu said, “The office rental agreement was not concluded by me. It was a bare premise (even without flooring) in Kurla. Due to Covid lockdown restrictions and to offset the cost, we renegotiated the rental and managed to save 80 lakh. In addition, the offer to travel to India was in line with industry practice and the cost was sanctioned by the Board of Directors and SEBI.
In a statement released on Sunday evening, MSEI said there were few disgruntled former employees using various forums to disseminate baseless allegations.
Some shareholders have also criticized MSEI for dragging its feet to recover 856 crore from the National Stock Exchange. In 2011, the Indian Competition Commission found NSE guilty of anti-competitive practices and awarded MSEI 856 crore. The NSE later moved SC and the matter has been in limbo ever since. A whistleblower told SEBI that MSEI was delaying the Supreme Court hearing by failing to submit vital documents and thereby causing loss to the stock market and shareholders.
Kundu said she has been aware of this issue since her second day in office. The allegations regarding the SC case are false. The case is a top priority. Exchange is suing him and all relevant documents have been made available to legal counsel. However, with the case pending, we cannot comment further, Kundu said.
The SC has started electronic hearing of cases due to the pandemic. Sources say the MSEI lobbied for electronic hearings, but other parties (NSE and CCI) opposed.
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