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Multi Commodities Exchange, India’s largest commodities exchange by volumes, has invited fresh applications for the post of Managing Director, which has been lying vacant since Manoj Vaish left the organisation in May.
Earlier, MCX had invited applications for the post and 20 candidates were shortlisted but interviews could not be held.
Later its promoter Financial Technologies exited by selling its stake and a new shareholder - Kotak Mahindra Bank - entered with a 15% stake.
The board of directors decided to call for fresh applications considering the entry of the new stakeholder.
The exchange has several open positions including the post of chief technology officer and director (operations). It is also looking to fill these positions. MCX is saving an annualised Rs 6 crore till these posts are filled.
MCX recently promoted Parveen Kumar Singhal as the Joint Managing Director to address these gaps and handle the daily operations of the exchange.
UBS upgraded the MCX stock post this move, saying: “We see this as a positive step for MCX while we await the appointment of new CEO of the company, which should boost sentiment further.”
Singhal's priority was to pick up the volumes of the exchange that were falling due to the commodity transaction tax imposed from July 2013. Moreover, MCX was facing regulatory ire till FTIL exited the exchange.
A source said that Singhal has been able to resolve the issues and whoever joins now "will have a clean slate to work with."
