This Article is From Apr 16, 2014

Forward Markets Commission to hire 20 experts on contract basis

Facing a major staff crunch when a Rs 5,600-crore payment crisis at National Spot Exchange Ltd (NSEL) has deepened, the Forward Markets Commission (FMC) has decided to recruit 20 experts and professionals on contract basis to assist it in legal, investigation and other matters.

Commodity markets regulator FMC, under the Finance Ministry, is functioning with less than 100 officers and staff against a sanctioned strength of 135. Vacant posts have not been filled due to poor responses to job advertisements.

To augment its manpower position for the discharge of regulatory functions, the FMC has posted an advertisement inviting applications for the engagement of 20 experts or professionals on contract basis.

FMC wants to hire six candidates each in its legal and inspection departments, two in investigation and one each in monitoring and surveillance, cyber forensic, company secretary, statistician, human resources and information and communication technology, it said in a communication dated April 15 on its website.

Experts and professionals would be recruited at various levels in Mumbai and Delhi. Initially, they would be recruited for one year, which can be extended as per requirements.

The applicants should be below 60 years of age.

The government has received lukewarm responses to job advertisements posted regularly since 2005. Now that the workload has increased in the wake of the NSEL payment crisis, the FMC has taken the contract route to recruit officers.

The regulator oversees the functioning of 6 national and 11 regional bourses in the country.