Manoj Vaish has taken charge as MD and CEO of the troubled commodity exchange MCX. Commodity markets regulator FMC has conveyed its approval to the appointment of Dr Vaish. He has joined the company with effect from 1 February 1. Vaish replaces Shreekant Javalgekar, who stepped down as the MD and CEO following the Rs 5,600-crore scam at its sister concern National Spot Exchange, co-promoted by MCX promoter Financial Technologies India (FTIL), in late July 2013. Vaish was the MD of NSDL Database Management before joining the MCX. He was an executive director of the BSE between 1998 and 2004 and CEO of financial services research firm Dun & Bradsheet. More than 70 people had applied for the top job at MCX, including two exchange insiders, a former National Commodity and Derivatives Exchange chief and officials of Reliance Commodities, IFCI, Central Depository Services and NSDL Database Management.
Meanwhile, MCX Stock Exchange (MCX-SX), the newest full-fledged bourse, also has a new MD and CEO in Saurabh Sarkar. He was previously MD and CEO of United Stock Exchange of India and has also worked with global financial services giants like Credit Agricole, Standard Chartered and Calyon, and ANZ Grindlays Bank in the past. MCX-SX said Sarkar has taken over the reins of the exchange and he comes with an experience of over 18 years. Sarkar said that his focus would be on ensuring overall growth of the exchange by reinstating confidence and trust among members, attracting participation from institutional investors, making MCX-SX the preferred destination for listing of shares and eventually in the process, creating a healthy balance sheet. MCX-SX also set up by crisis-hit NSEL promoters had month announced plans for fresh capital infusion by its existing shareholders among measures to boost business.