NCMSL on the lookout for new CEO

Warehousing company National Collateral Management Services (NCMSL), which is promoted by NCDEX, will soon have a new head as the present CEO A Hari Prasad's term ends in July.

Sanjay Kaul, who is on deputation with NCDEX Institute of Commodity Markets and Research (NICR), has been offered the job to head NCMSL after the end of the Prasad's term, sources said.

Kaul, an IAS officer of Karnataka cadre, is yet to make up his mind, sources said. Kaul would like to stay in Delhi whereas by accepting the new offer he would have to shift to Mumbai, they added.

Prasad, who is also an Independent Director at Bhagiradha Chemicals & Industries, wants to take up some assignment in his hometown Hyderabad, sources said.

Besides NCDEX, other promoters of NCMSL include Geneva-based Audit Control and Expertise Group (ACE), IFFCO, HDFC Bank, Yes Bank, Bank of India, Canara Bank, Corporation Bank, Indian Bank, Punjab National Bank, Karur Vysya Bank and HAFED.

NCMSL wants to expand to more locations by setting up warehouses of its own for which it has chalked out an Rs 800 crore investment plan.