Shares of Multi Commodity Exchange of India (MCX) surged by over 2% in early trading on Friday following the announcement that capital market regulator SEBI has approved Praveena Rai’s appointment as the Managing Director and Chief Executive Officer of the commodity derivatives exchange.
Key Developments
- SEBI Approval: On Thursday, SEBI gave the green light for Praveena Rai to step into the role of MD & CEO at MCX, marking a significant development for the exchange.
- Selection Process: MCX had invited applications for the CEO position in November 2023. The initial list of candidates, submitted in March 2023, was rejected by SEBI. However, after further shortlisting and evaluation, Praveena Rai’s name was approved.
- Praveena Rai’s Background: Praveena Rai brings over 25 years of experience in the banking sector, with expertise in transaction banking, retail banking, cards, wholesale, and commercial banking. She has held key positions at major financial institutions including Kotak Mahindra Bank, HSBC, and Citibank.
Market Reaction
As of 9:45 AM, MCX shares were trading 2.28% higher at ₹4,309.05 on the NSE, reflecting investor optimism following the regulatory approval of Rai’s appointment.
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MCX