Markets regulator Sebi has given nod for extension of Samir Shah’s tenure as NCDEX chief executive officer and MD for 6 months whilst advertizement has been issued by the trade goods Bourse for choice of a brand new candidate.
Shah was appointed in 2013 as per the regulative framework of erstwhile Forward Markets Commission (FMC) for 3 years until 2016. Later, his tenure was extended for associate degree year until August twenty, 2017.
“The Sebi has extended the tenure for less than six months and not 2 years as a result of the regulator needed the Board to formalize my appointment through a clear Sebi-approved choice method,” Shah same.
The board had last year extended Shah’s tenure for 3 years. However, following suspected manipulation case in castor seed futures, the NCDEX board had obligatory conditions on the remaining tenure of 2 years.
“The castor seed issue possesses resolved… If the Board will reselect, it (Sebi) would be happy to approve the remaining 2 years,” Shah same.
Meanwhile, NCDEX has started the choice method for brand spanking new MD/CEO and sought-after applications from eligible candidates by August 28. Shah is eligible to re-apply.
“The Board of NCDEX is committed to the best standards of company governance and transparency and can follow a sturdy and clear method to appoint the MD and chief executive officer,” the exchange same during a separate statement.
The exchange can follow the choice method made public by markets regulator Sebi and also the firms Act 2013, it added.
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