Country's largest commodity exchange MCX today said regulator FMC has approved the appointment of Shreekant Javalgekar as new Managing Director and CEO.
The commodity markets regulator "Forward Markets Commission (FMC) has accorded its approval vide its letter dated July 03, 2012 to the appointment of Javalgekar for a period of 3 years with effect from July 1," the MCX said in a filing to the Bombay Stock Exchange.
Accordingly, Javagekar has taken charge of the office, it said. He has replaced Lamon Rutten, who continues as a non-executive director on MCX board.
Javalgekar was a director on the board of FTIL, the founder entity of the exchange and has spent two decades in senior management positions of Larsen & Toubro Limited, handling roles in finance and treasury.
He was formerly MD of Lazard India and Advisor to Nexgen Financial Solutions, a Singapore Technologies' company.
MCX shares closed 1.50% down at Rs 1,047 apiece on the BSE.