T V Somanathan to be new FMC chairman

Current chairman Ramesh Abhishek had received two extensions since July amid NSEL crisis

The commodity markets regulator, Forwards Markets Commission (FMC) is set to have T V Somanathan as its chairman from  January 9, according to sources in the know of the development.

The current chairman is Ramesh Abhishek. He had received two extensions since July, amid the National Spot Exchange Limited crisis. Abhishek, a 1982 batch officer of the Indian Administrative Services (Bihar cadre), was appointed FMC’s interim chairman after B C Khatua’s tenure came to an end in 2011. On September 24, 2012, Abhishek was appointed chairman. Somanathan, a 1987 batch IAS officer of the Tamil Nadu cadre, has served as secretary to the chief minister under Dravida Munnetra Kazhagam rule and is currently on a World Bank assignment.