Board of Directors National Commodity Exchange Limited (NCEL) on Friday elected Pakistan Kuwait Investment Company (Pvt) Ltd Managing Director Istiqbal Mehdi as its Chairman. He has replaced Salim Chamdia, who had resigned from his Chairmanship in December 2004. The other new members of NCEL's Board of Directors include: Islamabad Stock Exchange Chairman Abdul Waheed Jan, Zarai Taraqiati Bank Limited President R.A. Chughtai, Karachi Stock Exchange Members Ibrahim Ahmed Memon and Mohammad Rafi Tumbi In addition, the following members will continue as Directors of NCEL's Board: Yaqoob Memon, Asim Zafar, M A Lodhi and Assim Jang.-PR