Mumbai: An ex employee could be the new chairman of Forward Market Commission (FMC). According to strong sources, DS Kolamkar and Dr. KS Uma are the front runners for this post. Both are ex-employees of Forward Market Commission.
DS Kolamkar has served FMC twice. First as an economic adviser between November 2006 and July 2007 and later as a member between 2008 to 2011.
Kolamkar is a post graduate in economics from Mumbai University. Currently, he is posted as the director general in Labour bureau Chandigarh.
Dr. KS Uma is also an ex-employee of FMC. She has served as the director of FMC between January 2006 and November 2006 and as an economic advisor between December 2008 and April 2011. Uma is presently working as an additional chief economic adviser in the Railway Ministry. She has done her doctorate from Mumbai university.
Current FMC chairman Ramesh Abhishek's tenure will expire on 7th July 2014 and he is unlikely to get an extension. Since FMC Chairman's post has been elevated to Secretary level by department of economic affairs, Ramesh Abhishek, who is currently additional secretary, will be promoted as
secretary next year.
Economic affairs, a departmental under the Finance Ministry published an advertisement inviting applications for the post of chairman, in the last week of April 2014, deadline for which was 10th June 2014.
In the wake of the scam which broke out last year in July, where 5600 crores were scrupulously mishandled by NSEL, the government feels that FMC chairman's post is as crucial as the post of other regulators.
The new chairman is expected to boost investor confidence and strengthen commodity market.