Leading commodity bourses MCX today said it has appointed Rajiv S Abhyankar, General Manager at Bank of Baroda, as shareholder director on its board to comply with revised regulatory norms.
The appointment of Abhyankar as shareholder director on the company's board would be subject to approval from the commodity markets regulator Forward Markets Commission (FMC), the exchange said in a BSE filing.
The MCX Board currently comprises seven independent directors and six shareholder directors.
After Rs 5,600 crore payment crisis at the NSEL, the regulator FMC has directed national level bourses including MCX to reconstitute their boards in line with the revised guidelines.
As per the revised norms, representation of shareholders from government companies, banks, public financial firms, cooperative societies, warehousing companies, stock and commodity bourse-- on the board of the exchange should not be less than one-half of the total number of shareholder directors.
Also any of these shareholders should not have more than one representative on the board.
