The Securities and Exchange Board of India (SEBI) has approved Praveena Rai’s appointment as the Managing Director and CEO of the Multi Commodity Exchange (MCX), India’s largest commodity exchange. This decision comes after a three-month vacancy in the position.
Background
Praveena Rai, previously the Chief Operating Officer (COO) of the National Payments Corporation of India (NPCI), brings over 20 years of extensive experience in payments and banking to her new role at MCX. Her expertise spans transaction banking, retail banking, cards, and commercial banking. She has held significant positions at Kotak Mahindra Bank, HSBC, and Citi.
Previous Role and Contributions
At NPCI, Rai was responsible for marketing, business development, and product management strategies. She played a key role in enhancing the reach and visibility of NPCI’s offerings through strategic partnerships.
Leadership Transition at MCX
PS Reddy, the former CEO of MCX, concluded his five-year term on May 9 and did not seek reappointment. Since his departure, the exchange’s operations have been managed by a special executive committee consisting of key officers, including a Chief Risk Officer (CRO), Chief Technology Officer (CTO), Chief Business Officer (CBO), and Chief Operating Officer (COO).
Recent Developments
Rai’s appointment is pending acceptance of the offer and approval from MCX shareholders. MCX had previously sought candidates for the CEO position in November 2023, with initial lists of candidates being rejected by the regulator. The company’s board has now shortlisted Rai for the role.
Financial Performance
MCX reported a 26.2% sequential increase in net profit for the April to June quarter, reaching ₹110.9 crore, up from ₹87.9 crore in the previous quarter. On the day of the announcement, MCX shares closed at ₹4,205, down by 1.94%.
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