Also Read: FT group to lose control over MCX board as FMC acts tough
At least half of the Board of Directors has to be independent directors and that is already there in the policy, he says.
Below is the verbatim transcript of Ramesh Abhishek's interview on CNBC-TV18
Q: If you could confirm that there is a move to cut the representatives of Financial Technologies (FT) on MCX board from four to one?
A: We had issued revised guidelines on September 13 that the proportion of shareholders on the board of directors of the exchanges will be in proportion to their shareholding which is a maximum of 26 percent after five years of operations. So half of the board is independent and out of the shareholder directors, the other half will be institutional investors. Anchor investors will not have more than one fourth of the number of shareholder directors. That applies to all the exchanges.
Q: In that case shouldn't there be cap on the shareholding itself as well apart from the cap on board members?
A: Already there has been a government policy from 2008 and 2009 describing a cap of 26 percent on anchor investor after five years of operation of the exchange. In the beginning it can be 51 percent, which has to be brought down to 40 and in five years it has to be brought down to 26 percent. So that policy is already there.
Q: Few people in the market believe that this 26 percent of the anchor investor holding will be on the total number of directors in the company but I understand from what you said it will be on 50 percent of the directors in the company?
A: That is correct, at least half of the Board has to be independent directors. So that is already there in the policy and out of the other half it will be in proportion. We have said that at least half of that should be institutional investors that we have defined as per the policy of the exchanges and the share of anchor investor will not be more than 26 percent.
Q: So the closest example will be in MCX where there were 14 members so half of them will be institutional and half of it will be under which 26 percent will be the role of anchor investors. So 7 into 26 percent which leaves us with 1.7-1.8 that could be the representation of FT promoters on the board of MCX right?
A: Yes as a matter of fact if any exchange has about 14 members on the board then half of that 7 will be independent and out of the other 7 half will be institutional investors, representatives on the board. And the share of anchor investor will not be more than one fourth of this number.
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