)
The Multi Commodity Exchange (MCX), India’s largest commodities exchange by volume, has invited applications for the post of managing director. The position has been vacant since May, when Manoj Vaish quit the company.
Sources said a headhunting agency had been appointed to fill various senior positions, vacant since months.
Earlier, too, the exchange had invited applications for the post. Though 20 candidates were shortlisted, interviews could not be held. Subsequently, promoter Financial Technologies exited, while Kotak Mahindra Bank acquired 15 per cent stake. With new investors, accounting for significant minority stake, the exchange’s board recently decided to begin the process to appoint a managing director and fill other senior positions afresh.
The exchange has lost several senior executives, including chief technology officer. The post of director (operations) is also vacant. To ensure operations weren’t affected, Parveen Kumar Singhal was promoted as joint managing director.
Recently, UBS had upgraded the MCX stock to ‘buy’, with an upward revision in the target price. On Singhal’s appoint, it said, “We see this as a positive step for MCX, while we await the appointment of a new chief executive, which should boost the sentiment further.”
After Singhal assumed charge, he focused on addressing the fall in the exchange’s volumes due to a commodity transaction tax imposed from July 2013.
A source privy to developments at the exchange said whoever joined the exchange now “will have a clean slate”.
