Jignesh Shah is not happy with the way market regulator, SEBI has been giving clearances and he was ready to make his feelings public.

Shah said that despite having met all the norms set by SEBI, MCX Stock Exchange has not been given any kind of clearance from it.

Jignesh was also very out-spoken and said that the competitors were making it tough for other stock exchanges to come up and SEBI was helping it out. While he did not name, NSE, it was quite clear whom he was pointing to. MCX came out with a advertisement on July 15 that said, "There have been attempts by some elements at spreading misinformation to create doubts among our shareholders and to undermine our reputation and business for their benefit."

No comments came from MCX regarding the issue.

SEBI had said that the full-fledged business of MCX-SX was elusive and also said that it was not complying with the relevant regulations about trading in equities, equity derivatives, interest rate derivatives, mutual fund and debt market.

MCX said it even reduced the stakes of promoters and followed all steps put forward by SEBi. But in return, it has not got any response.