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The tussle to gain ground in the commodity derivatives segment between the two latest entrants — BSE and NSE — got an interesting twist.
The BSE has roped in Praveen Kumar Singhal, former Joint Managing Director of MCX, as its Chief of Commodity Strategy.
A financial market veteran with 42 years of experience, Singhal has sound knowledge of the regulatory framework, as he has worked with erstwhile commodity market regulator Forward Markets Commission (FMC). In 2014, Singhal was appointed interim CEO of MCX after incumbent Manoj Vaish quit amid mounting regulatory pressure on MCX.
Singhal steered the country’s largest commodity exchange, MCX, during its most difficult times. The FMC had declared its promoter Jignesh Shah as not ‘fit and proper’ to hold responsibility in the exchange after its group company National Spot Exchange Ltd (NSEL) failed to settle trades worth ₹5,600 crore executed on its platform.
Singhal was instrumental in MCX signing a deal with foreign exchanges to source settlement price for base metal and energy contracts.
The commodity market veteran likes to deal with brokers and investors directly to understand their problems and provide solutions.
In fact, brokers’ confidence in the MCX, which had hit the nadir after the NSEL crisis, revived after it named Singhal as interim chief.
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