MCX shortlists 20 for MD's post

Applicants include Saurabh Sarkar MD of MCX-SX among others

The Multi Commodities Exchange (MCX) has shortlisted 20 candidates out of 50 applications for the post of the managing director (MD).

Saurabh Sarkar, MD of MCX-SX; Roopa Devi Singh, an executive at an exchange; and Narendra Gupta, former senior executive of National Commodities and Derivatives Exchange of India, are also understood to have applied.

A spokesperson of the MCX-SX has denied the report about Sarkar saying, “He has not applied for the post.”

The MCX has to appoint an MD in less than six months. Shreekant Javalgekar resigned in October. Manoj Vaish, who was appointed MD in February  after his resignation this year, had resigned in end-April. P K Singhal, a senior executive of the exchange, is looking after the affairs of the MCX. Though he has been offered the position of MD twice, he refused to accept it.

Rajnikant Patel, former MD of the BSE, said, “The MCX needs an experienced and mature person having domain expertise to help the exchange tide over the present situation. If suitably senior and experienced candidates are not available through the advertisement route, it may evaluate internal candidates and also consider inviting industry experts. The exchange is going through challenging times and the CEO will have to manage transformation on multiple fronts.”

But the selection might take place after a week or two, when the selection committee meets. Observers said the panel had no proper representation of significant shareholders.

An MCX spokesperson said, “We are in the process of appointing an MD and chief executive and are hopeful of completing it in the time frame. To maintain the confidentiality and sanctity of the process, we cannot share the names of those who have applied. We do not comment on market speculation.”