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Mumbai, April 26 Mr Ramalinga Ramaseshan will take over as CEO and Managing Director of NCDEX from Mr P.H. Ravikumar, whose five-year term ends on Monday.

Apart from Mr Ramaseshan, Mr Rakesh Kapur was appointed on Saturday as Additional Director by the board of the NCDEX, the exchange said.

With the new appointments, the board of NCDEX will have 15 directors.

A 1982-batch IAS officer of Karnataka cadre, Mr Ramaseshan, who was the Chief Election Officer in Karnataka, had opted for voluntary retirement in February 2008.

Mr Rakesh Kapur will replace the Indian Farmers Fertiliser Cooperative Ltd (IFFCO) nominee, Dr U. S. Awasthi.

A 1978 batch of Indian Revenue Service, Mr Kapur is currently the Finance Director of IFFCO, which holds 12 per cent stake in NCDEX. He had sought voluntary retirement as Commissioner of Income Tax in October 2005.

Mr Ravikumar, the incumbent Managing Director & CEO, had expressed his desire of not continuing beyond the expiry of his term as he was keen to pursue other interests, NCDEX said.

(This article was published in the Business Line print edition dated April 27, 2008)
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