Headless MCX sets up two panels to supervise daily affairs

The oversight panel will be a four-member one led by Satyendra Mishra, chairman, MCX

After the exit of Manoj Vaish, the former MD & CEO of Multi Commodity Exchange, two committees have been constituted to overlook the operations of the exchange.

The commodity exchange in the last board meeting decided that the board committee will be a four-member team headed by Satyananda Mishra and will also include D K Mehrotra, former chairman, LIC, G Ananthraman and retired IRS officer, Pravir Vohra.

Sources indicate that the committees namely managing committee and board committee will monitor the day-to-day operations of MCX.

"The board committee will be headed by Satyananda Mishra, which will and the committee will over look the workings of the managing committee," said a source.

The managing committee also consists of P K Singhal, Nilanjan Gosh, JB Ram, Ajay Puri and Sandeep S.   

The exchange will have these committees in place till the new MD & CEO is not appointed.

Vaish of MCX resigned stating health issues on 1 May and his resignation was accepted by the board at the last board meeting which took place on 10 May.  

The commodity exchange is currently being forced by FMC to push for the sale of 24 per cent stake which is currently held by the anchor investor, Financial Technologies.

FTIL, was declared not fit and proper to run the exchange in December by FMC as it owns 99.9 per cent stake in NSEL.