Samir Shah of NCDEX not to re-apply for CEO post

Leading agri-commodity bourse NCDEX on Monday said its current Managing Director and Chief Executive Officer Samir Shah has decided not to re-apply for the post due to personal reasons.

Shah was appointed in 2013 according to the regulatory framework of the erstwhile Forward Markets Commission (FMC) for three years till 2016. Later, his tenure was extended for one year till August 2017 and then again for six months till February 2018. “NCDEX had recently invited applications for the post of MD and CEO. Though NCDEX’s current MD and CEO Samir Shah was eligible to re-apply, he has decided not to participate in the selection process due to personal reasons,” the NCDEX said in a statement.

Shah will continue on his post till such a time as advised by the board, it said. 

The NCDEX board is committed to the highest standards of corporate governance and will follow a robust selection procedure, as outlined by the Securities and Exchange Board of India (Sebi) and the Companies Act 2013, to appoint the new MD and CEO, it said.

Last year, the NCDEX board had extended Shah’s tenure for three years. But, following a suspected manipulation case in castor seed futures, the board had imposed conditions on his remaining tenure of two years.

“The castor seed issue has got resolved... If the Board can reselect, it (Sebi) would be happy to approve the remaining two years,” Shah had told PTI in August after getting a six-month extension.