Manoj Vaish takes charge as MD & CEO of MCX

Vaish replaces Shreekant Javalgekar, who stepped down following the NSEL scam

Manoj Vaish today took charge as Managing Director and CEO of the country's leading commodity exchange MCX that is under the regulatory glare following troubles at the promoter group.

Commodity markets regulator "FMC has conveyed its approval to the appointment of Manoj Vaish as MD and CEO of the company. Accordingly, Vaish has joined the company with effect from February 1, 2014," MCX said in a BSE filing.

Vaish replaces Shreekant Javalgekar, who stepped down as the MD and CEO of MCX following the Rs 5,600-crore scam at its sister concern National Spot Exchange (NSEL), co-promoted by MCX promoter Financial Technologies India Ltd (FTIL), in late July 2013.

Vaish was the Managing Director of NSDL Database Management before joining the MCX. He was an executive director of the BSE between 1998 and 2004 and CEO of financial services research firm Dun & Bradsheet.

More than 70 people had applied for the top job at MCX, including two exchange insiders, a former National Commodity and Derivatives Exchange (NCDEX) chief and officials of Reliance Commodities, IFCI, Central Depository Services and NSDL Database Management, sources said.

MCX shares settled at Rs 499.45 on Friday, up by 4.13% from the previous closing day on the BSE.