The Hindu Business Line : Bandopadhyay to be NMCE non-Govt independent director

Mumbai, Aug 20 National Multi Commodity Exchange (NMCE) has clarified to the commodity markets regulator Forward Markets Commission (FMC) that Reliance Money Chief Executive Officer, Mr Sudip Bandopadhyay, will be appointed as non-government independent director on the board.

NMCE, in its earlier communication to FMC, has mentioned Mr Bandopadhyay will be inducted as independent government nominee to which the regulator raised objection.

Mr Kailash Gupta, Managing Director, NMCE, said: “It was a technical mistake on our part and we have clarified to the FMC on Wednesday. The board will meet in September to consider the new appointment.”

Reliance Money recently picked up 26 per cent in the Ahmedabad-based NMCE for Rs 26-30 crore, valuing the exchange at Rs 100 crore.

If approved by FMC, Mr Bandopadhyay will be the sixth independent director on the 12-member NMCE board which includes Mr NK Choubey, Mr UKS Chauhan, Mr Gupta, Mr Anupam Mishra of FMC and Mr Rajnikant Patel.

BSE board member

Asked whether Mr Rajnikant Patel, former Managing Director and CEO of the Bombay Stock Exchange, will continue on the NMCE board despite BSE dropping its plan to acquire stake in NMCE, Mr Gupta said: “Mr Patel has not expressed his desire to opt out. In any case, the Board will take the final call.”

A key executive of BSE, Mr S.S. Vyas, who is now the Chief Operating Officer of NMCE, is also expected to stay put unless and until he desires to move on.

Currency futures

NMCE is in the process of registering a separate company National Currency Futures Exchange for its new venture.

“We will approach the Registrar of Companies in few days and the company’s name is subject to clearance,” Mr Gupta said. Once the company is registered, NMCE has to seek final approval from the market regulator Securities Exchange Board of India.

NMCE currency futures initiative will be a joint venture with Reliance Money. The exchange is in the final stage of roping in three public sector banks for the venture and some of the private banks have also expressed keen interest.

Currently, SEBI has approved only the National Stock Exchange proposal to launch currency futures. On the other hand, the Multi Commodity Exchange and Bombay Stock Exchange have also applied to launch the futures.

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