The capital market watchdog Sebi's nod for the clearing house is subject to various conditions, including that a Managing Director and Compliance Officer is appointed "at the earliest". 

MCX-SXCCL were among the entities where Jignesh Shah-led FTIL was asked by the regulator to divest stake in the wake of the National Spot Exchange Ltd (NSEL) payment crisis. 

According to the clearing house, the candidate applying for the post of Managing Director and CEO should have an MBA egree or be a chartered accountant or a post graduate in economics or commerce. 

The individual need to have experience in the fields of capital market, finance or management and possess experience of at least 15 years in related fields, it said. 

Besides, the candidate should not be more than 50 years of age as on October 10, 2014. 

Renewing the recognition of MCX-SXCCL for one year starting from October 3, Sebi had said the approval is subject to five conditions. 

Among them, the clearing house should submit an action plan for achieving net worth requirements and also achieve a minimum net worth of Rs 100 crore within nine months from the date of grant of recognition. 

MCX-SXCCL was jointly promoted by MCX Stock Exchange (MCX-SX), Multi-Commodity Exchange of India (MCX) and Financial Technologies (India) Ltd, as per its website. 

In the wake of the payment crisis at group firm National Spot Exchange Ltd (NSEL), Sebi in March had ruled that Financial Technologies (India) Ltd was not 'fit and proper' to own stakes in any stock exchange or clearing corporation.  (Economic Times)