MCX appoints Singhal interim MD

Singhal, a former executive director of FMC, was offered the post when Shreekant Javalgekar resigned as MD last October

Multi Commodity Exchange's board of directors decided on Friday to appoint Parveen Kumar Singhal, a former executive director of the Forward Markets Commission (FMC) and presently its own seniormost official, as officiating managing director and chief executive officer. He will continue till a new MD & CEO is appointed.

Singhal was offered the job after Shreekant Javalgekar resigned as MD last October and prior to him when the previous MD had resigned. He'd declined, noting he would be 60 years in December 2014. Manoj Vaish was made MD & CEO but resigned on April 30, citing health reasons, after which two committees were formed to look after the daily operations.

He has worked as a merchant banksr and at FMC during the tenure of B C Khatua and S Sundareshan as FMC chairman.

Singhal had also worked with the Securities and Exchange Board of India (Sebi) during the initial days in 1992 and also at Delhi Stock Exchange. He had also worked in the Haryana government for a decade and with General Insurance Corporation.

The board also decided to share the PricewaterhouseCoopers forensic audit report on the exchange with the bidders for Financial Technologies' stake sale in MCX.

The bidders include Kotak Mahindra Bank, CME of the US, Tata Capital and Warburg Pincus. The bidders are to give binding offers to JM Finance, the banker appointed for the stake sale, which will send the proposals to a committee formed by FT.

The committee will give its recommendation and the board of the company will clear it. FT has called a board meeting on Saturday.

Initial bids were placed in the first week of April but the PwC audit report on the exchange and then the new ownership norms had delayed the final bidding.