The commodity markets regulator "Forward Markets Commission (FMC) has accorded its approval vide its letter dated July 03, 2012 to the appointment of Javalgekar for a period of 3 years with effect from July 1," the MCX said in a filing to the Bombay Stock Exchange.
Accordingly, Javagekar has taken charge of the office, it said. He has replaced Lamon Rutten, who continues as a non-executive director on MCX board.
Javalgekar was a director on the board of FTIL, the founder entity of the exchange and has spent two decades in senior management positions of Larsen & Toubro Limited, handling roles in finance and treasury.
He was formerly MD of Lazard India and Advisor to Nexgen Financial Solutions, a Singapore Technologies' company.
MCX shares closed 1.50% down at Rs 1,047 apiece on the BSE.