MC Exclusive | NPCI's Praveena Rai emerges as frontrunner for MCX CEO position

Praveena Rai’s work at NPCI and her expertise in the financial services sector positions her as a frontrunner for the MCX CEO job, say people familiar with the matter

An eight-month-long search for a new chief executive for Multi Commodity Exchange of India (MCX), the country’s largest commodity bourse, may be nearing conclusion.

Praveena Rai, chief operating officer of the National Payments Council of India (NPCI), is a leading contender for the job, people familiar with the matter said, requesting anonymity.

While the Securities Exchange Board of India (Sebi) is reviewing three other candidates, Rai’s work at NPCI and her expertise in the financial services sector, including her long stints at HSBC Bank and Citigroup, positions her as a frontrunner for the job, they said.

“MCX has gone through technology-related crises and governance lapses. It needs someone at the top who can help repair the commodities exchange’s reputation and perception. Rai fits the bill,” said one of the people cited above.

The CEO’s position at MCX has remained vacant since PS Reddy stepped down on May 9.

Among the other contenders are Ajit Sahu, Head – Odisha Mining operations at Vedanta Ltd. He has worked at Rio Tinto’s India exploration unit, Hindustan Zinc and BALCO in the past. Sahu is considered a subject matter expert in the commodities industry.

Emails sent to spokespeople for Sebi, MCX, NPCI and Vedanta Ltd remained unanswered till publishing the article. Rai didn’t respond to a text message seeking comment. Sahu could not be reached immediately.

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.

The process of vetting and finalizing the CEO candidate usually takes 2–3 months, and Sebi is said to be at an advanced stage of approving the candidate.