Reliance Money CEO Sudip Bandyopadhyay will join NMCE board as 'additional' director after a regulatory spanner to his previously proposed nomination as 'alternate' director at the commodity bourse, where Anil Ambani group firm is taking a 26 per cent stake.
"National Multi-Commodity Exchange (NMCE) had proposed to appoint Bandhoypadhyay on behalf of FMC as an alternate director. But, the proposal has been rejected on technical grounds," commodity market regulator Forward Markets Commission B C Khatau told PTI.
Bandyopadhyay said, "This just a technical hitch. NMCE will appoint me as the additional director on its board now as I cannot be appointed as an alternate to the government nominee on the board."
Earlier in July, Reliance Money had announced that it will pick up 26 per cent stake in Ahemdabad-based NMCE for which it is awaiting regulatory approvals. After that, NMCE had named Bandoypadhyay as an alternate director on its board.
The NMCE board has 12 directors on board which include -- N K Choubey, U K S Chauhan, S C Srivastav, Arun Kaul, Anil Singhania, Rajnikant Patel, Anupam Mishra, D K Mukhopadhyay, Parikshit Kumar Agarwal, Kailash R Gupta, Sidharth Sinha and G N Nair.
Recently, Reliance Money and NMCE entered into a joint venture to set up a spot exchange for agricultural produce, the National Agriculture Produce Marketing Company of India Ltd.
NMCE, the third largest commodity bourse in the country, had commenced futures trading in 24 commodities in 2002 on a national scale.