Interview for MCX lead post on Friday

Mumbai | Updated on July 22, 2014

FMC may consider board seat for Kotak

The embattled Multi Commodity Exchange (MCX), which received a lifeline of sort with Kotak Mahindra Bank picking up a 15 per cent stake in it, will conduct interview for the post of Managing Director on Friday. It has shortlisted 15 candidates from 60 applications it received for the post which has been lying vacant for the last two months.

The commodity market regulator, Forward Markets Commission, designated the exchange’s Executive Director PK Singhal as interim Managing Director after Manoj Vaish put in his papers, just three months after assuming office.

Interestingly, many retired Government officials, retired IAS officers and top executives of rival exchanges, have shown interest to lead MCX which faces uncertain future with the FMC ban on launching new contracts for the next year. It is learnt that Saurabh Sarkar, Managing Director and CEO of MCX Stock Exchange, has shown interest in the MCX top position.

The race for the post seems to be heating up given the fact that the exchange had fixed the annual remuneration for Vaish at ₹3.5 crore even as its daily turnover was on a downward spiral.

It will be interesting to see whether FMC will approve a board seat for Kotak Bank in MCX with the Kotak Group already owning a commodity exchange — Ace Derivatives and Commodity Exchange of India — under its belt. FMC played a crucial role in eliminating promoter nominees by replacing the entire board with independent directors.

Published on July 21, 2014

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