CEO of Universal Commodity Exchange resigns
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India's Universal Commodity Exchange's Chief Executive Samir Shah resigned on July 5, citing personal reasons, about a month after he joined the company. "I am going for personal reasons. I am going back to Singapore, it didn't work for me...," Shah told Reuters. UCX, promoted by IT People, had received an in-principle approval from the FMC in August last year to set up a national level commodity exchange. India, the biggest buyer of bullion and the second-largest wheat and rice growing nation, has 21 commodity bourses, including five operating at the national level.
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