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The government has shortlisted five candidates for the post of chairman, Forward Markets Commission (FMC), according to sources. The term of the current chairman of the commodities derivatives markets regulator, Ramesh Abhishek, ends on January 8, 2015.
The candidates were shortlisted after interviews held last week.
One of the candidates is T V Somanathan, a 1987 batch Indian Administrative Service officer of the Tamil Nadu cadre, who has served as secretary to the Tamil Nadu chief minister under the Dravida Munnetra Kazhagam rule and is currently on a World Bank assignment. Among those shortlisted, three have worked for the FMC and one of them - Nagendra Parakh - is an FMC member. Parakh, who joined FMC in July last year, was earlier with the Securities and Exchange Board of India (Sebi).
The others with an FMC connection are K S Uma, economic adviser, FMC; and D S Kolamkar, former director at FMC. Kolamkar has spent several years at FMC in two stints.
Former Sebi member M S Sahoo is also a candidate. Sahoo is an Indian Economic Service officer of the 1985 batch, has about three decades of experience in private and public sector, including in regulatory bodies.
Abhishek, has got two extensions since July, amid the payment crisis at the National Spot Exchange.
