The Securities and Exchange Board of India (Sebi) has approved Reddy’s appointment for five years with effect from May 10, 2019. Prior to joining MCX, he was MD & CEO at Central Depository Services.
Reddy has also worked with the BSE for over 18 years, leading various departments such as listing, surveillance, inspection, investor service, and HRD. He has assumed charge at a time when the exchange is on track to report good profits with rising volumes.
However, he will have to ensure all metal contracts become compulsorily deliverable and grow.
He will also have to see that more small industries come on the MCX platform and hedge.
‘Option’ in commodities is now over a year old and that segment is far from reaching its full potential. In agri commodities, electronic warehouse receipt has been made mandatory. However, its implementation will be under his leadership, said an industry veteran.