Kumar, a former chief business officer at NCDEX, is likely to assume the office next week. The exchange's selection committee had picked his name for the MD and CEO's post from a list of 11 candidates.
He is an agro-industry veteran, having worked for Cargill and National Bulk Handling Corporation.
"Last Friday, the Sebi gave approval for Vijay Kumar's appointment as MD and CEO of the exchange," outgoing MD and CEO of NCDEX Samir Shah told PTI.
Shah, whose more than four years tenure comes to end this month, said that he will join a Chennai-based firm.
Shah was appointed in 2013 as per the regulatory framework of the erstwhile Forward Markets Commission (FMC) for three years till 2016.
Later, his tenure was extended for another year till August 20, 2017 and then again for six months till January 2018.