Markets regulator SEBI has given its approval on the appointment of Praveena Rai as MD & CEO of Multi Commodity Exchange of India Limited (MCX) on Thursday. In a regulatory filing, MCX said that the appointment of Praveena Rai is subject to acceptance of the offer made to her and approval from the shareholders of MCX.
On July 25, Moneycontrol first reported about Praveena Rai emerging as one frontrunner for the position of MCX CEO. The CEO’s position at MCX has remained vacant since PS Reddy stepped down on May 9. Praveena Rai, chief operating officer of the National Payments Council of India (NPCI), was the leading contender for the job, people familiar with the matter told Moneycontol requesting anonymity.
In November 2023, MCX invited applications for the CEO position. A first list of potential candidates sent to the markets regulator in March 2023 for approval was rejected, the people cited above said. In an exchange filing on June 21, MCX said its board has shortlisted the names of candidates for the post of MD & CEO. “The company will initiate seeking regulatory approvals for the appointment,” it said then.
Praveena Rai is a banker with over 25 years of experience, having built expertise in various facets of banking across transaction banking, retail banking, cards, wholesale and commercial banking working with KMBL, HSBC and Citi.
The shares of MCX on Thursday closed at Rs 4,205 down by 1.94%.
MCX announced its first quarter results on July 27 that show the firm saw a 26.2% sequential increase in its net profit ₹110.9 crore for the April to June quarter. In the preceding quarter, the firm’s net profit stood at ₹87.9 crore.
*With Agency Inputs
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