Multi Commodity Exchange Clearing Corporation, a wholly-owned subsidiary of MCX, has sought application from eligible candidate for the post of Managing Director and CEO.

The candidate should have 20 years of experience in the field of capital market, commodity and finance. At least 10 years of this experience should be in a senior position in securities and securities-related services, said the Multi Commodity Exchange Clearing Corporation.

The selected candidate shall hold office for three years which can be extended as per the discretion of MCXCCL Board, it said.

The applications of candidates will be held in strict confidential and should reach by January 19, it added. While reporting to the board of directors, the MD & CEO will be responsible for all regulatory, corporate governance and key operations, including risk management, clearing and settlement, logistics, warehousing and overall finance control of the company, it added.

Selection will be through a duly constituted selection committee and approved by the nomination and remuneration committee, besides the board of MCXCCL.

The appointment and compensation will be subject to approval of SEBI as per the guidelines, it added.

Derisking operations

In August, SEBI-approved MCX proposal and provided initial licence to operate the clearing house for one year with a condition to generate a net worth of ₹300-crore by September 2019.

MCXCCL is the first clearing corporation to get SEBI approval in commodity derivatives market. Once it starts operations MCX, the country 's largest exchange, will transfer clearing and settlement, deposit and collateral management and risk management function to the new entity.

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