The Multi Commodity Exchange of India
(MCX) has begun search for a new Managing Director and CEO after Shreekhant Javalgekar resigned from the posts earlier this month in the wake of the Rs 5,600-crore
payment crisis at group entity National Spot Exchange (NSEL).
Currently, Deputy Managing Director Parveen Kumar Singhal is taking care of the day to day activities of the MCX.
A major challenge for the next chief will be to reverse the drop in turnover, which declined 62 per cent to Rs 5,45,239 crore in September from Rs 14,36,724 crore a year earlier.
MCX has invited applications from candidates with at least 20 years of experience in management positions, including three years at the top management level.
The appointment will be subject to approval of regulator Forward Markets Commission and the term is three years, which can be extended, it added.
MCX was set up by Jignesh Shah-led Financial Technologies group, which is the
promoter of NSEL and the MCX Stock Exchange (MCX-SX).
The group has seen a string of top-level resignations since the NSEL was plunged into a payment crisis in August after halting trading in some contracts.
Javalgekar resigned on October 19. MCX-SX announced the resignations of Shah as Vice-Chairman and shareholder-director and Joseph Massey as Managing Director and Chief Executive on October 9.
The Forward Markets Commission had issued show cause notices to Shah, Javalgekar and Massey on October 4, questioning their 'fit and proper' status to operate the MCX.
MCX-SX is also looking for a new MD and CEO and has already invited applications.
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