New Delhi: Market regulator Sebi has approved appointment of Vijay Kumar as Managing Director and CEO of of leading agri-commodity bourse (National Commodity & Derivatives Exchange Limited) NCDEX.
He is likely to assume the office next week.
Zee Business was the first to break the news about Kumar's selection in November last year.
Kumar, who had earlier served as the top boss of NCDEX, will replace Samir Shah.
Last year, the NCDEX board had extended Shah's tenure for three years. However, following suspected manipulation case in castor seed futures, the board had imposed conditions on the remaining tenure of two years.
Shah was appointed in 2013 as per the regulatory framework of erstwhile Forward Markets Commission (FMC) for three years till 2016. Later, his tenure was extended for one year till August 2017 and then again for six months till February 2018.
In August last year, the exchange started the selection process for new MD/CEO and sought applications from eligible candidates. It has followed the selection process outlined by markets regulator Sebi and The Companies Act 2013.
The exchange's selection committee had picked his name for the MD and CEO's post from a list of 11 candidates. An agro-industry veteran, Kumar has worked for Cargill and National Bulk Handling Corporation.