NCDEX appoints new Directors

Mr. R Ramaseshan and Mr. Rakesh Kapur have been appointed on April 26, 2008 as Additional Directors by the Board of Directors of the National Commodity & Derivatives Exchange Limited (NCDEX).  The Board of the Exchange which had met in Mumbai on Saturday, April 26, 2008, made these appointments.  With these appointments, the Board of Directors of NCDEX would be having 15 Directors.

Mr. Ravikumar, the current Managing Director and Chief Executive Officer (MD&CEO) of NCDEX had expressed his desire of not continuing beyond the expiry of his current term of office on April 28, 2008 as he was keen to pursue interests dearer to his heart and had sought approval of the Board to be relieved at the end of his current term.

The Board has placed on record its appreciation of the services of Mr. Ravikumar. The Board had unanimously felt that Mr. Ravikumar had contributed substantially towards the development of the Exchange and its growth in its initial years. In fact, his early initiatives in various areas had given an edge to the Exchange.  Institution-building, the Board had believed required vision, initiatives, commitment and single-mindedness of purpose, which the Board acknowledged that Mr. Ravikumar had displayed them in abundant measure.  The Board respecting the wishes of Mr. Ravikumar, agreed to the wishes of Mr. Ravikumar and appointed, after a due process of selection procedures, Mr. R. Ramaseshan to take over as the MD&CEO of NCDEX on April 29, 2008 upon expiry of the term of Mr. P. H. Ravikumar, The initial appointment of Mr. R. Ramaseshan would be for a period of three years from April 29, 2008. 

Mr. Ramaseshan belonged to the Karnataka Cadre of the Indian Administrative Services and his last position was that of the Chief Election Officer and ex-officio Principal Secretary to the Government of Karnataka.  Mr. Ramaseshan brings in a multi faceted, broad based career in government at senior level with experience in corporate finance, financial markets, public finance and tax reforms and in the use of information technology in organisations for managing change.  Among the several positions that he had held, Mr. Ramaseshan was the Regional Head, National Stock Exchange of India Limited at their New Delhi office from November 1996 to October 1998 and is, therefore, well conversant with the functioning of the markets in the country.

The appointment of Mr. Rakesh Kapur comes in the wake of the request of Dr. U. S. Awasthi, nominee of Indian Farmers Fertiliser Cooperative Limited (IFFCO) as he had sought resignation from the directorship of NCDEX in view of his growing responsibilities in IFFCO and its group companies.  Mr. Rakesh Kapur has been nominated by IFFCO in the place of Dr. U. S. Awasthi. 

Mr. Rakesh Kapur is currently the Finance Director of IFFCO, which holds 12 per cent share in the equity share capital of Rs. 30 crores of NCDEX as also the entire preference share capital of Rs.10 crores issued by NCDEX.  Mr. Kapur is also the Managing Director of IFFCO Kisan Sanchar Limited and IFFCO Kisan SEZ Limited.  Mr. Kapur belonged to the 1978 batch of Indian    Revenue Service and had sought voluntary retirement in October 2005 while holding the substantive post of Commissioner of Income Tax.

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