On of the major commodity exchanges MCX India, said today that it has named Rajiv S Abhyankar, CEO of Bank of Baroda, as a shareholder director on the board to fulfill the revised guidelines.
Abhyankar’s appointment as shareholder director on the board of the company would be subject to approval by the regulator of commodity markets FMC, the exchange said that in a presentation to the BSE.
The MCX India Board currently consists of seven independent directors and six shareholder directors.
After NSEL crisis, the regulator FMC has directed national exchanges including MCX India to reconstitute their boards aligned with the revised guidelines.
Under the revised rules, the representation of the shareholders of government firms, banks, public financial companies, cooperative societies, Warehouse companies, stock and commodity exchange – the exchange board should not be less than the half the total number of shareholder directors.
Also any of these shareholders should not have more than one representative on the board.
Reported News Source: PTI Economic Times