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Commodity markets regulator Forward Markets Commission has approved the names of a panel for the selection of the next MD & CEO of Multi-Commodity Exchange.
The panel includes Arun Nanda and S K Mitra, both high-profile members of the board, and two other shareholder directors. Chairman of the board Satyanand Mishra has also been asked by the regulator to be on the panel.
The post has been vacant for 14 months. It has been tough going for the exchange after Shreekant Javalgekar resigned as MD in 2013. Manoj Vaish, who was appointed MD thereafter, had quit in three months. P K Singhal has been in charge of the exchange and was last year promoted as joint MD. Singhal has been successful in bringing out the exchange from turbulent period by increasing dwindling market share and improving confidence among traders. The exchange, however, needs full time MD & CEO as exchange has to take several decisions keeping next phase of growth in mind.
The FMC had rejected the applications invited by the MCX in 2014, saying proper procedures were not followed and had asked the board to get the selection panel approved.
With FMC now clearing the selection panel, the exchange will invite fresh applications soon. But the process might be delayed further because of the merger of FMC with the Securities and Exchange Board of India.
