Ramaseshan to take over as NCDEX chief

Written by Commodities Bureau | Mumbai, Apr 26 | Updated: Apr 28 2008, 05:19am hrs
R Ramaseshan and Rakesh Kapur have been appointed on Saturday 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 made these appointments. With the appointments, the board of directors of NCDEX would be having 15 directors. R Ramaseshan will take over as the MD&CEO of NCDEX on April 29 upon expiry of the term of PH Ravikumar, The initial appointment of Ramaseshan would be for a period of three years from April 29.

Ramaseshan belong 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.

Ravikumar, the current 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 appointment of Rakesh Kapur comes in the wake of the request of US 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.