Multi Commodity Exchange of India Limited has commenced the remote e-voting process for the ratification of the appointment of two Executive Directors, Mr. Sanjay Rajpal and Mr. Manoj Jain. The e-voting facility is available from 9.00 a.m. on July 16, 2026, until 5.00 p.m. on August 14, 2026. The postal ballot notice was dispatched electronically on July 15, 2026, to shareholders registered as on the cut-off date of July 10, 2026.

The resolutions seek shareholder approval for the appointment of Mr. Rajpal as Executive Director (Critical Operations) and Mr. Jain as Executive Director (Regulatory, Compliance, Risk Management & Investor Grievances). These appointments follow the inclusion of Regulation 25A in the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, which mandates recognised stock exchanges to appoint Executive Directors for critical operations and regulatory functions. SEBI approved the appointment of Mr. Rajpal on May 25, 2026, and Mr. Jain on May 27, 2026.

Remuneration and Tenure

The Board has proposed a tenure of five years for both Executive Directors, subject to satisfactory performance appraisals after the initial three years. The remuneration structures include fixed pay, performance-linked variable pay, and statutory benefits.

The variable pay component for both directors is subject to 'Malus' and 'Clawback' provisions as per the SECC Regulations, 2018. Additionally, 50% of the variable pay is deferred for three years. In the event of inadequate profits, remuneration will not exceed the limits specified under Schedule V of the Companies Act, 2013.

Voting Process

The postal ballot is being conducted via remote e-voting managed by National Securities Depository Limited (NSDL). Shareholders whose names appear in the Register of Members or list of beneficial owners as on the cut-off date of July 10, 2026, are eligible to vote. Trading Members and their associates are not eligible to vote on these resolutions. The company has appointed Mr. Vijay Yadav of M/s AVS & Associates as the Scrutinizer for the process. The results will be declared upon the conclusion of the voting period and uploaded to the company's website.

Multi Commodity Exchange of India Ltd has been directed by the Bombay High Court to pay a cost of Rs 5 lakh following the dismissal of a criminal writ petition filed by the company in 2017. The order, passed on June 29, 2026, and uploaded on July 04, 2026, requires the payment to be made to the Bar Council of Maharashtra and Goa's Advocate Academy and Research Centre. The company disclosed that it does not anticipate any material financial impact other than the imposed cost and is considering challenging the order.

The writ petition (Criminal Writ No. 3926/2017) was filed by the exchange in connection with findings from an audit of its operations conducted between 2003 and 2013. The audit, carried out pursuant to erstwhile regulatory directions, had identified certain findings regarding the company's dealings with vendors. Consequently, the exchange had approached the Bombay High Court seeking the registration of First Information Reports (FIRs) and investigations by the police and the Economic Offences Wing (EOW) against the entities and individuals implicated in those findings.

The court's decision to dismiss the writ comes with the stipulation that the cost be paid. The company clarified in its filing that there were no specific violations or contraventions alleged against it in the context of the writ petition itself. The disclosure was made to the stock exchanges in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Details of the Order