FMC appoints SN Ananthasubramanian as independent director on MCX
Moneylife Digital Team 20 December 2013
FMC has nominated SN Ananthasubramanian as an independent director on the board of MCX, following resignation from retired IAS officer RM Premkumar 
 
Commodities market regulator Forward Markets Commission (FMC), has nominated SN Ananthasubramanian, president of the Institute of Company Secretaries of India (ICSI) as an independent director on the board of Multi Commodity Exchange of India Ltd (MCX).
 
In a regulatory filing, MCX informed that, “FMC has appointed SN Ananthasubramanian, president of ICSI, as FMC nominated independent director on the Board of the company up to 31 March 2016, under clause 1.1(i) of the revised FMC guidelines for constitution of the Board of Directors, in place of FMC nominated independent director retired IAS RM Premkumar, who has resigned from the board.”
 
FMC in its recent order has termed Jignesh Shah, Financial Technologies (India) Ltd (FTIL) and two other directors, Joseph Massey and Shreekant Javalgekar as 'unfit' to run MCX.
 
Earlier in November, MCX appointed Satyanand Mishra, the former chief information commissioner as its new chairman.
 
MCX also recommended to FMC the appointment of Miten Mehta as a shareholder director of its promoter FTIL on its board.
 
Earlier in November, Paras Ajmera, the last nominee of promoter FTIL and Shreekant Javalgekar, managing director and chief executive officer of MCX have also resigned from the commodity exchange's board due to Rs5,600 crore payment crisis at the FTIL-promoted NSEL.
 
On 31st October, Jignesh Shah had resigned as non-executive vice-chairman of MCX after sector regulator FMC issued a notice to him and FTIL. MCX fiasco was due to the imposition of commodity transaction tax (CTT) applied in July and recent payment crisis at NSEL.
 
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