With the appointment of new FMC chief taking time, the government has given another three-month extension to commodity markets regulator FMC chairman Ramesh Abhishek.
Abhishek, a 1982 batch officer of the IAS Officer of Bihar cadre, was appointed as chairman of the Forward Markets Commission (FMC) in September 2012. He was earlier given a three-month extension which expired last week.
The Appointments Committee of the Cabinet (ACC) has approved the extension of Abhishek as FMC Chairman for a period of three months beyond October 8 of this year, said an order issued by the Department of Personnel and Training (DoPT).
The DoPT has given the second extension as appointment of a new FMC chief is taking time. The selection panel, which has received 20 plus applications, has not yet shortlisted the names, a Financial Ministry official said.
Abhishek was appointed as FMC member before getting elevated as interim chairman and finally as chairman.
During his tenure, a Rs 5,600-crore payment crisis broke out at National Spot Exchange Ltd (NSEL). He has taken several commodity exchange norms in sync with those in the securities market.
