Rajnikant Patel leaves Indian Commodity Exchange posts

• Posted by Sindhuri G August 30, 2012 - Filed in Business - 2,132 views

  MUMBAI: Rajnikant Patel, the man who was responsible for the corporatisation and demutualisation of BSE in 2005, has stepped down from his current post of MD & CEO of Indian Commodity Exchange (ICEX).
  
  He joined the exchange in 2009 ever since it commenced operations as India's fourth national commodity exchange. "I have decided not to involve in the day-to-day affairs of the exchange," said Patel.
  
  But I will stay on the board as director and look after strategic affairs and business development, he added. The board has approved his decision and is looking for his replacement in a month.
  
  "We are happy to accept his decision and formed a selection committee to look for a new CEO. Mr Patel will be a member of the committee," a source told ET. The board has informed Forward Markets Commission, the commodities market regulator, about Patel's exit.
  
  "They have informed us about the current CEO's decision and that they will look for the replacement soon," a top FMC official said. Market sources said Patel was not keeping well for sometime and unable to participate in the daily affairs of the exchange.
  
  "The ongoing rumors of ADAG, the anchor investor of ICEX, quitting the exchange put pressure on him," an exchange official said. Patel reiterated that ADAG will remain as an investor.
  
  The exchange expects to break even by the end of FY14 as many new products will be launched including mini gold and silver series. Anil Ambani-owned Reliance Capital and government-owned MMTC hold 26% each in ICEX. Indiabulls, Indian Potash, Kribhco and IDFC own 14%, 10%, 5% and 5% respectively and the rest 14% are owned by other investors.