Complying with the latest norms from the Forward Markets Commission (FMC) on appointment of directors on boards of stock exchanges, Multi Commodity Exchange (MCX) said on Thursday that only one official is eligible to remain as director, while three others cease to exist. On August 12, commodity market regulator Forward Markets Commission (FMC) revised the guidelines for constitution of the board of directors for better corporate governance practice. Four independent directors should be appointed by the FMC and the rest by the bourse with prior approval from the regulator. The remaining posts may comprise of shareholder directors, whereas the post of managing director should not be included in the category of independent directors or shareholder directors, but should be an ex-officio director of the board instead.
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