Commodities

MCX appoints Paranjape as MD & CEO

Our Bureau  Mumbai | Updated on January 20, 2018 Published on February 29, 2016

MCX, the country's largest commodity exchange, has appointed Mrugank Paranjape as the new MD & CEO, nearly two years after Manoj Vaish the then incumbent MD & CEO put in his papers.

The exchange has also re-designated Parveen Kumar Singhal, the present Joint Managing Director as President & Whole Time Director with effect from April 1, said MCX in a statement on Monday.

The appointment of Paranjape is valid for three years and is subjected to approval of SEBI.

The decision was approved by the Board in a meeting on Monday.

Paranjape was Asia Pacific Head of Trust & Securities Services/Cash Management for Financial Institutions and Regional Head of Securities for The Global Network Banking Division, Deutsche Bank (Malaysia) Berhad.

Currently, he is India Head, Deutsche Bank.

Last May, Sebi rejected the exchange's proposal to appoint Balasubramaniam Venkataramani, Chief Business Officer of BSE as MD & CEO as MCX had not followed proper procedure.

The exchange remained without a full-time MD & CEO since May 2014 when Vaish resigned after just three months stint.

On May 23, the exchange appointed the then executive vice-president Singhal, as interim CEO until a replacement was found.

In September, the shareholders of MCX approved the appointment of Singhal as Joint Managing Director for a period of three years.

Published on February 29, 2016
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