Ramesh Abhishek gets extension as FMC chairman

Abhishek was appointed as the FMC chairman on 24 September 2012

Ramesh Abhishek’s term as chairman of the Forward Markets Commission (FMV) has been extended. Abhishek, a 1982 batch officer of the Indian Administrative Officer (Bihar cadre), was appointed the FMC’s interim chairman after B C Khatua’s tenure came to an end in 2011. On September 24, 2012, Abhishek was appointed chairman.

During his tenure, a Rs 5,600-crore payment crisis broke out at National Spot Exchange Ltd (NSEL). Abhishek declared Financial Technologies India Ltd (promoter of NSEL), its chief Jignesh Shah, and two others “not fit and proper” to run Multi Commodity Exchange. During his term at the helm, he has taken several steps to regulate agri futures trade. He has also brought commodity exchange norms in sync with those in the securities market.