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Six other departments heads too removed. All to assist newly appointed PR Ramesh, ex-Sebi, as Officer on Special Duty in the process of recovering money
The board of directors of National Stock Exchange decided that the current top management team headed by Mr. Anjani Sinha - MD & CEO and other relevant heads of departments should be removed from their current assignments, pending an enquiry. Mr. Sinha will cease to be the MD & CEO of NSEL w.e.f. 20 Aug 2013 and he will be a Special Officer assisting in recovery process. In addition, following officials were also being removed from their current assignment pending enquiry.
Names of HoDs being removed
Mr. Amit Mukherjee - Asst. V.P. – Business Development
Mr. Jai Bhaukhundi- Asst. VP – Market Operations
Mr. Maneesh Chandra Pandey – Manager, Business Development
Mr. Santosh Mansingh - Asst. VP, Market Operations
Mr. H. B. Mohanty - Asst. VP, Market Operations
Mr. Shashidhar Kotian- Chief Financial Officer
They too would be responsible for recovery of money along with Mr. Sinha.
At the same time, the board appointed Mr PR Ramesh as the “Officer on Special Duty” (OSD) to exercise all powers of a CEO of the company and will report to the Board directly. Mr Ramesh, a former Sebi official has 20 years of experience in legal practice and regulations dealing with exchanges and market participants. He will identify various lapses that may have been caused in the operation of the Exchange and to suggest corrective actions for recovery of outstanding dues.
The exchange has appointed SGS, a Swiss firm, to assess the quantity and quality of goods lying in various warehouses. It is expected to complete the work by the end of the month.
The exchange is also appointing a well-known global audit firm for forensic audit as per the directive of the regulator, Forward Markets Commission, to assess the exchange, members financial and settlement accounts, including the delivery and collateral management system. It expects to finalise the appointment of the firm by Friday, 23 Aug 2013.