MCX shortlists 2 candidates for MD's post

Mrugank Paranjpe and Nina Nagpal emerge frontrunners to head the exchange

The Multi Commodity Exchange (MCX), India's largest in the sector, has shortlisted two candidates, both having experience with foreign institutions or banks in India, for the post of managing director. Mrugank Paranjape and Nina Nagpal have been shortlisted from a list of 13 who were called for an interview by the selection panel, appointed by the board of the exchange. Sources confirmed the selection panel would meet on Monday to finalise the name.

Paranjape is currently with the Deutsche Bank — heading DB Centre, which provides front-office service. Nagpal had been heading Morgan Stanley India some years ago and is serving in a foreign bank. If either of the two is appointed as MD of the exchange, the board has to approve it and then it will be sent to the regulator, Securities and Exchange Board of India, for final approval.  

If one of them is appointed, it will be the first time that a non-exchange professional would be heading the exchange.

MCX has been headless virtually for the past two years. In October 2013, S Javalgekar had resigned as managing director and then, Manoj Vaish was appointed as MD who was there only for three months.

Since May 2014 onwards, the exchange has no MD and joint managing director P K Singhal had been handling MD’s charge. A few month ago, Sebi had asked MCX to appoint managing director by February 20. MCX, after this ultimatum from the regulator, had invited fresh applications for the post.