MCX board to get new PIDs, Chairman

Names of former Supreme Court judge Shiv Kirti Singh, former senior technical expert of World Bank Anita Mittal, former secretary in Finance Ministry DK Mittal, former MD and CEO of Vijaya Bank and Director on RBI Information Technology Kishore Kumar Sansi have been recommended for the post of public interest directors (PIDs) at the Multi Commodity Exchange (MCX), the sources said.

There are three vacancies for the post of PIDs at MCX of which one is for a woman director. Few other names that are recommended include Suresh Gupta, ex chief general manager with market regulator SEBI. He was also the external expert on MCX Regulatory oversight Committee. VP Chaturvedi, S Mahendra Dev and Sonu Bhasin among others are in the list shared by MCX with SEBI for a final approval. Shareholder directors of MCX, too, have made some suggestions for the PID post, the sources said.

MCX is also in the midst of finalising its new chairman of Board after its incumbent chairman Saurabh Chandra retired. With the appointment of three new PIDs, the board will see significant changes. The new PIDs will be coming in at a time when the commodity bourse has recently had a slew of controversies, the sources said.

Forensic audit

MCX board member and former bureaucrat Shankar Agarwal is in the race to become the chairman of MCX. If his name is not approved by SEBI, the regulator is likely to consider other names including Harsh Kumar Bhanwala, ex Chairman of NABARD and CS Verma, ex CMD of Steel Authority of India and Member of SEBI CDAC ( Commodity Derivatives Advisory Committee) for the post, the sources said.

The new board members will have implications with regard to forensic audit recommended by the regulatory oversight committee of MCX in the controversial Sikkim trade related matter, the sources said. MCX is yet to see a forensic audit in the matter even after a board committee had recommended it strongly and the scope of work too was finalised, the sources said.

Published on

August 08, 2022

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