This Article is From Sep 22, 2014

MCX Gets Till November 2 to Appoint New Managing Director, CEO

MCX Gets Till November 2 to Appoint New Managing Director, CEO

New Delhi: Multi Commodity Exchange (MCX) has been given time till November 2 to appoint a new Managing Director and CEO.

"...we have received letter...dated 22nd September from our regulator FMC informing their approval for extension of time for a period of two months till 2nd November 2014, for appointment of MD and CEO of the exchange," the commodity bourse said in a filing to the BSE.

The position has been lying vacant since the first week of May this year when Manoj Vaish resigned citing health reasons.

At present, MCX's executive vice president, P K Singhal, has been given the charge of MD.

MCX has called its annual general meeting on Tuesday where shareholders' approval would be sought to appoint Singhal as joint managing director.

Mr Vaish had joined MCX on February 1, replacing Shreekant Javalgekar, who stepped down following the Rs 5,600-crore payment crisis at FTIL's subsidiary National Spot Exchange Ltd (NSEL) that surfaced in July.

Earlier this month, the regulator had said that MCX would be allowed to roll out contracts for all 12 months of 2015 once the full divestment of Jignesh Shah-led Financial Technologies in MCX takes place as per the regulatory norms.

Kotak Mahindra Bank has acquired a 15 per cent stake in MCX for Rs 459 crore from Jignesh Shah-led FTIL.

Shares in MCX, on Monday, ended at Rs 824.05 apiece on the BSE, down 0.99 per cent from the previous close.