Pushpangadan, Nipun Mehta In Race For Otc Top Slot

According to sources, the UTI general manager, who now handles the Unit Scheme 1964 at UTI, is willing to take up the job of OTC chief, since he would be on deputation from UTI to the exchange.

The outgoing managing director of OTC, Ajeet Prasad, is also a Unit Trust of India official and following his stint at OTC, is expected to return to the UTI fold.

The other frontrunner for the OTC MD's post is OTC dealer Nipun Mehta, who is rumoured to have the backing of some key Sebi officials.

Mehta is a chartered accountant and has for long been very active in trying to get OTC in the limelight.

 

Mehta was also a member of the Sebi-appointed S A Dave committee on Over The Counter Exchange of India revamp, the report of which was made public yesterday.

The decision on whether or not to appoint Pushpangadan would be taken at the next UTI board meeting, sources said yesterday.

This is so, since the institutional heads, who are also on the UTI board, would have to agree on the appointment.

The OTC managing director's post has turned into a hot seat following the continued dismal showing of the exchange on the turnovers front. Besides, the fact that the promoting financial institutions themselves do not prefer to operate on the exchange. The new chief would have his task cut out for him following the series of important recommendations forwarded by the Dave panel.