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The Financial Technologies group, which is in the eye of the storm with the payment crisis at National Spot Exchange (NSEL), had over the years become a refuge for many ex-bureaucrats and former regulators.
It was a win-win as the group, whose exchange businesses were highly susceptible to policy changes gained by the understanding and connections of the babus while the babus themselves got an opportunity to put their retirement years to good use.
Business Standard brings you some of the prominent FT hires among many.
Venkat R Chary
Positions held in FT group: Chairman/independent director, MCX
Brief Profile: IAS Retired, Former chairman Forward Markets Commissio, Former secretary, chief minister of Maharashtra
G N Bajpai
Positions held: Chairman, Advisory Board, Financial Technologies (2007-2010), Advisory board member, MCX Stock Exchange
Brief profile: former chairman, Securities and Exchange Board of India (Sebi).
S Narayan
Positions held: Member advisory board, Financial Technologies; independent director, MCX
Profile: Former Economic Advisor to Prime Minister of India. Retd IAS was in Government of India as Finance & Economic Affairs Secretary, Secretary in the Departments of Revenue, Petroleum, Industrial Development and Coal since 1997.
Ashok Jha
Positions held: Chairman, MCX Stock Exchange
Profile: IAS (Retd.) – Former Finance Secretary; Former Secretary, Dept. of
Economic Affairs and Dept. of Industrial Policy & Promotion
P R Ramesh
Positions held: Chief compliance officer, Bahrain Financial Exchange, Officer on Special Duty, NSEL
Profile: Former Sebi executive director,
Paul Joseph
Positions held: Principal Advisor, MCX Stock Exchange
Profile: Former Indian Economic Service officer, held several positions such as Joint Director/Director (Stock Exchanges), Joint Secretary, Department of Agriculture and Cooperation, Ministry of Agriculture, Senior Economic Adviser, Department of Consumer Affairs and Principal Adviser, Planning Commission.
Source: FT, MCX Annual Reports, Updates, newsreports
