MCX finally gets new managing director

NEW DELHI: After two years of wait, Multi Commodity Exchange ( MCX) finally saw new Managing Director and CEO, Mrugank Paranjape, join the office today.

"Mrugank Paranjape has joined as MD and CEO of the company on May 09, 2016," the exchange said in a BSE filing.

His term is for 3 years. He worked with Deutsche Bank for 14 years. Later, he headed DB Center of the bank.

MCX has been headless for the past two years. P K Singhal was handling the affairs of the exchange as joint MD.

Now with the appointment of the MD, Singhal has been re-designated as the President and Whole Time Director with effect from April 1.

A year ago, the company had appointed an MD but his name was rejected by the then regulator FMC on the grounds that proper procedures were not followed.