Securities market regulator SEBI has approved appointment of three shareholder directors on the board of MCX.
Accordingly, the exchange on Monday confirmed the appointment of three directors — Padma Raghunathan, Amit Goela and Madhu Vadera Jayakumar. The appointments will be taken up for consideration at the next board meeting, said the exchange.
While the candidature of Padma Raghunathan was proposed by Nabard, Goela and Jayakumar represent Jhunjhunwala-promoted Rare Enterprises and ace stock market investor Radhakishan Damani’s Derive Investments, respectively.
Registration of membersMeanwhile, almost all the active members of MCX seem to have registered with SEBI as the deadline for registration expired on Monday. The exchange has uploaded applications of 708 members with the regulator after verification. It has held back about 20 applications for want of some more details, sources said. MCX, the country’s largest exchange, has 750 active trading members as of November. It has 1,700 registered members.
The registration process was in response to the SEBI order making it compulsory for all members of commodity exchanges to register with it post-merger of the erstwhile commodity market regulator, Forward Markets Commission, with SEBI two months ago.
Parveen Kumar Singhal, Joint Managing Director, MCX said the entire process of members’ registration was smooth and much better than expected for the exchange.
“We received good support from the market regulator SEBI as the registration was made online,” he added.
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