 "MCX might announce its new MD on Friday")
The selection panel led by personnel hiring company Spencer and Stuart, which conducted interviews last Saturday, is understood to have finalised three names from the six questioned. Based on this, the board is likely to finalise a candidate, whose name will be sent to the market regulator, the Forward Markets Commission.
Balasubramaniam V, presently chief business officer at the BSE exchange, is said to be the frontrunner. He was co-founder of Marketplace Technologies, a front-end technology platform, promoted six years earlier by Ashish Chavan, now MD of BSE. He later sold this technology to BSE.
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MCX has been without an MD since May 2014, after Manoj Vaish left, three months into the job.
Those who had appeared for the interviews were Balasubramaniam, other professionals from stock exchanges, a former Sebi executive and even a head of a renowned commodity and securities broking house. An exchange professional is also said to be in the shortlist, said a source.
After Vaish’s exit, Praveen K Singhal was promoted as joint MD to run it. In the second half of 2013, the exchange's business had been affected due to imposition of the commodities transaction tax, fallout of the National Spot Exchange default and later the FMC not approving its contracts. However, volumes are now rising and trading participation has increased, with the exchange regaining its lost market share.