MCX constitutes a high-powered board and advisory board

The MCX board constitutes of Venkat Chary, IAS, chairman, former chairman of the Forwards Market Commission; Jignesh Shah, managing director; Shevtal S Vakil, ex-HLL, ex-president, International Castor Oil Association, New York; A Mahendran, managing director, Godrej Sara Lee; C M Maniar, partner, Crawford Bayley & Co; Sandeep Bajoria, managing director, Bajoria Fats and Proteins; Dr Madhookar Pavaskar, a leading economist in the commodities industry; Joseph Massey, DMD; V Hariharan, director; and Ajay Narasimhan, director.

Commenting on the board composition, Jignesh Shah, MD, MCX said: "MCX will immensely benefit from the appointment of these eminent industrialists and luminaries who will propel the exchange in its vision to be the leader in commodities futures trading."

The advisory board meeting was held after the conclusion of the board meeting. In the meeting, Shah commented: "The appointment of the advisory board reinforces MCX's commitment to all exchange participants for creating a new market order."

The advisory board has key representations from the commodities ecosystem including bullion, non-ferrous metals, oil, pulses and other key commodities segments. The role of the advisory board is to lend its expertise to the exchange in areas related to business rules, bye-laws, settlement procedures, arbitration framework, and create a world-class commodity exchange.

The advisory board constitutes of participation from Vithaldas G Udeshi, chairman, Jayant Agro Organics; Atul Chaturvedi, president, Adani Exports; B Mallik, managing director, IVP; Parvez H Kader, managing director, Liberty Oil Mills; Kishore Tanna, director, Jamnadas Madhavji International; B V Mehta, executive director, Solvent Extractors' Association of India; Vineet Bhatnagar, managing director, Refco India; H P Rajdev, Commodities & Financial Analysts; P M Chheda, partner, Mulji Devshi & Company; Pravin Dongre, managing director, Andargo Services; Prem Kogta, director, Kogta Global; and Arvind G Salecha, managing director, Salecha Industries. MCX is currently finalising representations from other key commodity segments to be included in the advisory board.

Shah added: "MCX has adopted the most practical approach in selection of commodities to commence trading, based on the industry requirements. We will ensure a wider participation and have implemented a sound strategy anticipating the needs of the commodity market participants."