Market regulator SEBI has approved the appointment of Vijay Kumar as Managing Director and Chief Executive Officer of NCDEX, India's largest agricultural commodity market.
Kumar, a former chief business officer of NCDEX, will take charge from the next week. The selection committee of the Exchange selected Kumar for the post of Managing Director and Chief Executive Officer of 11 candidates.
“Last Friday, SEBI has approved Vijay Kumar to be Managing Director and CEO,” said Sameer Shah, Outgoing Managing Director and CEO of NCDEX. Shah's tenure of more than four years is ending this month.
National Commodity & Derivatives Exchange Limited (NCDEX) is an online commodity exchange based in India. It has an independent board of directors and provides a commodity exchange platform for market participants to trade in commodity derivatives. It is a public limited company, incorporated on 23 April 2003 under the Companies Act, 1956 and obtained its Certificate for Commencement of Business on 9 May 2003. It commenced operations on 15 December 2003.
As of 31 July 2013, NCDEX has 848 registered members and client base of about 20 Lakhs and offers trading on more than 49,000 terminals across 1,000 centers in India. It facilitates deliveries of commodities through a network of over 594 accredited warehouses through eight warehouse service providers, with holding capacity of around 1.5 million tonnes and offers average deliveries of 1 lakh MT at every contract expiry. NCDEX has offices in Mumbai, Delhi, Ahmedabad, Indore, Hyderabad, Jaipur, and Kolkata
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