The move came following the showcause notice issued by the Forwards Market Commission (FMC) to promoters of National Spot Exchange Limited (NSEL) last Friday.
Also read: FTIL board will have to be restructured: Govt sources
Shah is the chairman and group CEO of Financial Technologies India Ltd (FTIL) which owns 26 percent stake in commodity futures exchange MCX.
Joseph Massey, managing director and CEO of MCX stock exchange and Shareholder Director of MCX-SX CCL has also resigned from his post.
Thomas Mathew T, former Current-in-Charge Chairman, LIC, has been nominated as Public Interest Director of MCX-SX by SEBI vide their letter dated October 8, 2013.
National Spot Exchange Ltd (NSEL), in which Financial Technologies holds over 99 percent stake, has been engulfed in a major payment crisis ever since trading was halted there in late July after a government direction. On Wednesday, the Economic Offence Wing of Mumbai police arrested NSEL's vice president Amit Mukherjee
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