Multi-Commodity Exchange today announced appointment of Mrugank Paranjape as MD & CEO of the exchange. The appointment will be for a period of three years, subject to prior approval from Sebi and such other approvals as may be necessary. The decision to this effect was taken at a board meeting held today.
Since May 2014, the exchange was functioning without an MD.
P K Singhal was handling the affairs of the exchange as joint MD. Now with the appointment of the MD, Singhal has been re-designated as the President and Whole Time Director effective April 01, 2016, MCX said in a filing to BSE. A year ago, the company had appointed an MD but his name was rejected by the then regulator FMC on the ground that proper procedures were not followed. Mrugank Paranjape has been working with Deutsche Bank since last 14 years. Last he was heading DB Center of the bank.