The Forward Markets Commission (FMC) has raised questions on the process followed in the appointment of new Managing Director and Chief Executive Officer at Multi Commodity Exchange, a move that could further delay the exchange’s search for the right candidate to head the operations.

MCX is without a Managing Director and CEO since May 2014 after its incumbent MD and CEO Manoj Vaish put in his paper citing health reasons.

Last August, the exchange elevated its interim Chief Executive Officer Praveen Kumar Singhal as Joint Managing Director for a period of three years.

In February, the exchange announced the appointment Balasubramaniam V, Chief Business Officer of BSE as the new Managing Director and CEO and sought FMC approval for the same after its board cleared the proposal.

Apart from giving advertisements in leading newspapers, the exchange had assigned headhunting firm Spencer Stuart to shortlist the right candidate for the top post. The commodity market regulator has objected to selecting a candidate from the seven people referred by the head hunting firm while not even short-listing any of the 36 people who responded to the advertisements.

It is reliably learnt that the regulator has received a few anonymous letters on this issue.

MCX has already responded to two set of questions posed separately by FMC and is being reviewed by the regulator, sources said.

If the regulator is not convinced it may order the exchange to redo the entire appointment process again, thus embarrassing the MCX board and dashing the future of Balasubramaniam in BSE, sources added.

The final FMC decision on the response given by MCX may be delayed with the term of Ramesh Abhihek, Chairman, FMC ending on Tuesday. The decision on appointing or extending the tenure of Abhishek is being delayed as the Government has already mooted a proposal to merge FMC with Sebi.

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