IEX gets CERC nod to empanel Som Mittal as indpendent director

Indian Energy Exchange has received power sector regulator CERC's approval to empanel two individuals for appointment as independent directors on its board.
The Central Electricity Regulatory Commission (CERC) has cleared the names of former president of Nasscom Som Mittal and chartered accountant Anil Singhvi to be empanelled as independent directors.
IEX is country's leading power exchange and Financial Technologies (India) Ltd is in the process of divesting its over 24 per cent stake in it.
After going through the profiles of Singhvi and Mittal, CERC said they do not have any fiduciary relationship with any of the existing IEX shareholders or any interest in any member of the bourse.

"... We are of the view that both persons fulfill the requirement for inclusion in the panel for appointment as independent directors in IEX," the regulator said in its order, dated October 27.
Mittal is former chairman and president of IT-BPM (Information Technology-Business Process Management) industry body Nasscom. Singhvi is a chartered accountant with over 30 years experience in the corporate sector and is also a director in many companies.

At present, IEX has eight members on its board and two of them are independent directors.
Under power market regulations, IEX is required to have one-third of its board members as independent directors and there should be at least two such people on the board.

Recently, Venkat Chary stepped down as an independent director from the IEX board. He had served as non-executive independent chairman.