The Metropolitan Stock Exchange (formerly MCX Stock Exchange) is set to appoint its interim Managing Director and CEO Udai Kumar as MD & CEO.

The equities and commodities market regulator SEBI is expected to clear the appointment soon.

Kumar was the lead runner among the two other candidates shortlisted from foreign and public sector banks, said sources.

Vacancy for MD at MCC

The appointment will create a vacancy for the MD’s post at the exchange’s clearing corporation as Kumar was playing the dual role of heading both the organisations. In October, Kumar was asked to lead the exchange as a stop-gap arrangement after the incumbent Managing Director and Chief Executive Officer Saurabh Sarkar resigned. Kumar, who has experience of over two decades, is expected to play a key role in the turnaround strategy of the exchange, which posted a loss of ₹15 crore during the September quarter against ₹12 crore in the same period last year.

Wide experience

He has worked in senior capacity with large institutions, such as JM Financial Consultants, JM Morgan Stanley, Centrum Capital and Fortune Financial. He joined Metropolitan Clearing Corporation from Inter-connected Stock Exchange where he was Managing Director.

He holds in-depth knowledge of regulatory and operational issues in the functioning of stock exchanged and clearing corporations and has updated knowledge of the changing landscape in this business.

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