Ravi Sheth, shareholder of the Financial Technologies board that promotes the National Spot Exchange (NSEL) and Multi Commodity Exchange (MCX) announced that he will quit as Director. The decision comes amid NSEL's third payout default on Tuesday and central investigative agencies and Mumbai police contemplating action shortly.

Sources said Sheth, who serves as MD of Greatship (India), a subsidiary of The Great Eastern Shipping Company had been contemplating this move ever since the crisis erupted at NSEL.

Read the Economic Times news report here.