The commodity markets regulator, Forwards Markets Commission will now have T V Somanathan as its new chairman from 9 January sources in the know of the development said.
Current chairman Ramesh Abhishek had received two extensions since July amid the NSEL crisis.
Abhishek, a 1982 batch officer of the Indian Administrative Services officer (Bihar cadre), was appointed the FMC’s interim chairman after B C Khatua’s tenure came to an end in 2011.
On September 24, 2012, Abhishek was appointed chairman.
T V Somanathan, a 1987 batch Indian Administrative Services officer of the Tamil Nadu cadre, has served as secretary to the Tamil Nadu chief minister under the Dravida Munnetra Kazhagam rule and is currently on a World Bank assignment.