MCX appoints Satyananda Mishra as its chairman
Multi Commodity Exchange (MCX) on Wednesday said it has appointed former Chief Information Commissioner (CIC) Satyananda Mishra as the chairman of its board. Mr Mishra's appointment as chairman, however, is subjected to approval from the Forward Markets Commission (FMC), the exchange said in a statement.
The board noted the appointment of Mr Mishra as independent director on the board of the company for a period up to March 31, 2016 on FMC approval.
Earlier, the exchange had appointed R M Premkumar, a former bureaucrat as its interim chairman. Mr Premkumar will continue to remain independent director on the board.
At its board meeting on Wednesday, the bourse also recommended the appointment of Miten Mehta as a shareholder director as Financial Technologies nominee on MCX's board.
It may be recalled that Paras Ajmera, the last nominee of promoter Financial Technologies India Ltd (FTIL), resigned earlier this month from the crisis-ridden commodity exchange's board.
The resignation came amid the continuing Rs 5,600-crore payment crisis at FTIL-promoted bourse National Spot Exchange Ltd (NSEL).
On October 31, Jignesh Shah had resigned as non-executive vice-chairman of MCX after sector regulator FMC issued a notice to him and FTIL questioning the 'fit and proper' status.
Earlier, MCX MD Shreekant Javalgekar had also resigned from company.
MCX has begun search for a new managing director and chief executive. It has invited applications from candidates with at least 20 years of experience in management positions, including three years at the top management level.
This appointment will also be subject to FMC approval and the term will be of three years, which can be extended.
MCX's performance was hit badly in the quarter ended September 30, 2013 due to the imposition of commodity transaction tax (CTT) since July and also because of NSEL's payment crisis.
