The finance ministry has begun looking for a new chief for the Forward Markets Commission as current incumbent Ramesh Abhishek’s term is set to get over in June this year. Following the payment crisis in the Jignesh Shah-promoted NSEL, the commodities market regulator is now under the ambit of the finance ministry.
Significantly, the position of FMC chairman has now been elevated to the rank and pay of a secretary to the Union government, along with a relaxation in age. The position has a tenure of three years but a former chairman of the FMC will be eligible for re-employment up to the age of 65. It was earlier kept at 62 years while the post is now equivalent to an additional secretary.
The selection will be carried out by a search-cum-selection committee set up by the department of economic affairs.