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MCX appoints ex-CIC Satyananda Mishra as its chairman

PTI | Last Updated: Wednesday, November 27, 2013 - 22:54

Mumbai: Commodity bourse Multi Commodity Exchange (MCX) Wednesday said it has appointed former Chief Information Commissioner (CIC) Satyananda Mishra as the Chairman of the Board.

However, Mishra's appointment as chairman is subjected to the approval of the commodity markets regulator Forward Markets Commission (FMC), a company statement said here.

The board noted the appointment of Mishra as Independent Director on the Board of the company for a period up to March 31, 2016 on FMC approval.

Earlier, the exchange had appointed R M Premkumar, a former bureaucrat as its interim chairman. Premkumar will continue to remain independent director on the company's board.

At its board meeting today, the exchange also recommended the appointment of Miten Mehta as a Shareholder Director as Financial Technologies nominee on the MCX board.

It may be recalled that Paras Ajmera, the last nominee of promoter Financial Technologies India Ltd (FTIL), resigned earlier this month from the crisis-ridden commodity exchange's board. The resignation came amid the continuing Rs 5,600 crore payment crisis at the FTIL-promoted National Spot Exchange Ltd (NSEL).

On October 31, Jignesh Shah had resigned as non-executive vice-chairman of MCX after sector regulator Forward Markets Commission (FMC) issued a notice to him and FTIL questioning the 'fit and proper' status.

Earlier, MCX MD Shreekant Javalgekar had also resigned from company. MCX has begun search for a new managing director and CEO.

It has invited applications from candidates with at least 20 years of experience in management positions, including three years at the top management level. The appointment will be subject to approval of FMC and the term is three years, which can be extended.

The performance of MCX has been hit badly second quarter ended September 30 due to the imposition of commodity transaction tax (CTT) since July and also because of the recent payment crisis at NSEL.

First Published: Wednesday, November 27, 2013 - 22:54
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