MCX Has A Ghost. Nobody Noticed.

What happened

S.V. Krishnamohan, former legal chief at SEBI, left MCX's Member Committee on 20 March 2026, according to MCX's annual report. Yet a 28 September 2026 order punishing broker Ventura Securities still listed him as a deciding member, six months later.

Confirmed

Global impact / market context

The Member Committee is MCX's disciplinary panel, deciding broker fines and penalties. If an order names someone who had already left, the broker can question whether the decision was valid, which means the exchange's enforcement process and reputation face scrutiny.

Analyst inference

Ventura showed the Securities Appellate Tribunal both MCX documents, and the tribunal asked MCX to explain. This puts a regulatory spotlight on how the exchange prepares disciplinary orders, a governance issue for a listed bourse operator.

Analyst inference

What to watch

1. The Securities Appellate Tribunal has asked MCX to explain the discrepancy between its annual report and the Ventura Securities order naming Krishnamohan. Confirmed
2. Watch whether MCX admits its orders were not checked or explains how a departed member's name entered a live case, as the article frames two options. Proposed
3. Watch whether other MCX orders list members no longer serving, since that could raise wider questions about the validity of past disciplinary decisions. Analyst inference

Evidence

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