MCX conducting internal inquiry into ‘abuse’ of data sharing pact with IGIDR

A whistle-blower has claimed that MCX data shared with IGIDR was accessed by Ajay Shah, who has also been named in the NSE algo trading scam.


The Multi Commodity Exchange (MCX) is conducting an internal inquiry into possible misuse of a data sharing agreement with the Indira Gandhi Institute of Development Research (IGIDR), according to a report by The Hindu Business Line.

A whistle-blower has claimed that Ajay Shah, accused in the algo trading scam at the National Stock Exchange, accessed data from MCX, the report said. Shah’s wife Susan Thomas is a researcher and professor at IGIDR.

Mrugank Paranjape, MD and CEO, MCX, declined to comment, while Shah and Thomas did not respond to The Hindu Business Line’s request for a comment.

Shah is a former consultant to the Union Finance Ministry under the Congress-led UPA regime.

Market regulator Securities and Exchange Board of India (SEBI) is looking into the exchange of data between MCX and IGIDR, sources told the paper.

MCX and IGIDR had entered into a data sharing agreement in September 2016.

Important data files were allegedly transferred to IGIDR every day around or after market closing hours, the publication reported.

MCX officials have told the regulator that they were unaware of the algo trading scandal at the NSE when they signed the data sharing agreement with IGIDR, sources told The Hindu Business Line.

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