Over 100 apply for post of MCX CEO

The applicants include several exchange industry professionals, IAS, FII executives

About 100 are said to have applied for the post of the Multi Commodity Exchange (MCX)’s chief executive officer (CEO).

This follows resignations of the managing directors and CEOs at the two Financial Technologies group exchanges: MCX and its stock exchange MCX-SX.

The MCX-SX board is said to be negotiating with a candidate at a stock exchange.

Following regulatory dictates, both invited applications for the posts and received an overwhelming response. Sources said several professionals, former senior executives of exchanges and officials from foreign institutional investment (FII) funds had applied. Applications from officials of the Indian Administrative Services were also received.

Sources said while the appointment of the CEO for MCX-SX was in the final stages, for MCX, the process might take some time. Following the resignation of the MCX managing director and CEO Shreekant Javalgekar, on October 17, the Forward Markets Commission (FMC) had asked the board to appoint a CEO in a month.

It is learnt those that have applied for the post include former senior commodity exchange officials, CEOs of a few commodity exchanges, at least three current or past chairmen and managing directors of public sector undertakings and financial institutions, managing directors of leading FIIs, a few officials who have worked with regulators such as FMC the Securities and Exchange Board of India and senior bankers.

Executives from the Financial Technologies group are also understood to have applied for the post at MCX. While MCX had said the candidates should not be aged more than 55, MCX-SX had put the cut-off age at 50.