The country’s largest commodity bourse Multi-Commodity Exchange (MCX) has appointed former BSE head Manoj Vaish as managing director and CEO of the company for three years, as per a stock market disclosure.
An MBA from FMS, Delhi, who later completed a PhD in Venture Capital, Vaish started his career with ANZ Grindlays Bank. After a short stint at Deutsche Bank, he joined BSE as an executive director and worked for six years till 2004. After BSE, he joined Dun & Bradstreet India as president and CEO. Since 2010, he has been serving as managing director and CEO of NSDL Database Management Ltd.
The appointment comes after Shreekant Javalgekar stepped down as the MD and CEO of MCX last October amidst a probe related to the scam in group firm NSEL.
The commodities derivatives regulator Forward Markets Commission (FMC) had earlier said FTIL and its promoter Jignesh Shah are unfit to operate an exchange in the country in light of the scam.
Shah and FTIL have moved Bombay High Court seeking stay on the FMC's order. Javalgekar and Joseph Massey, a former managing director and chief executive officer of MCX Stock Exchange Ltd and a former director of MCX, also challenged the regulator’s order through a writ petition in the court. These two were also declared unfit to hold any management position in any exchange recognised by the Indian government and FMC. The writ petitions will be heard by the court on January 6, 2014.
FMC had also directed FTIL and Shah to bring down their stake in the exchange to 2 per cent from 26 per cent currently. Following this MCX board had also said that it has asked its promoter FTIL, which in turn is backed by private equity firm Blackstone, to cut its stake in line with the FMC order.
Media reports said over 70 people had applied for the top job at MCX, including two exchange insiders, a former National Commodity and Derivatives Exchange (NCDEX) chief and officials of Reliance Commodities, IFCI, Central Depository Services, etc.
Its board had reportedly interviewed seven candidates shortlisted three including Dilip Bhatia, CEO of Ace Commodities Exchange and Anil Mishra, managing director and CEO of National Multi-Commodity Exchange besides Vaish.
(Edited by Joby Puthuparampil Johnson)