MCX Hopes New Senior Appointment Will Bring Good Fortune
by
Adil Siddiqui
India’s largest commodity derivatives venue has appointed a new CEO and managing director, pending regulatory approval. The exchange is optimistic that the new appointment can bring back its missed fortunes.
With one of the largest financial derivatives-related fraud to take place in the modern era in South Asia under the insolvent NSEL, India’s technology-driven trading exchange, MCX, looks to the future as it selects a new leader.
During its peak, the MCX was considered by peers as the preferred trading venue for commodity derivatives in Asia's second most populous nation. At one point the dominant player controlled over 85% of trading activity in core metals and energy commodity contracts, however in a u-turn of so-called unexpected events, the liquid venue started to crumble with the NSEL debacle.
Trouble circulated within the Mumbai-based firm, and in a period of 24 months it underwent a complete makeover with shuffle after reshuffle at its board and C-level, with founder, Jignesh Shah, India also stepping down.
The new CEO, pictured, is expected to turn a new leaf for the exchange, with the Chinese New Year in action, the year of the Goat/Ram could be the turning point for MCX. Mr. Venkataramani could be a good fit for MCX, having served at senior positions at banks and brokers, the 'fintech' professional having done more than just 'sit on the fences' in lush board rooms.
Mr. Venkataramani, with all his experience, is a serial entrepreneur having established a technology firm, Marketplace Technologies and a broker-dealer, Basis Point, prior to joining the BSE. A strong common factor with MCX’s founder, Jignesh Shah.
India on-the-go
Indian financial markets are charged and ready to go, under the new government the marketplace has blossomed with the main benchmark index, SENSEX, rising to new highs, over the last year the index hit a low of 20,637 and spiked to a high of 29,844.
News of a new leader bumped MCX’s share price up by 5%, with the exchange currently trading at 972 INR. The exchange was affected by the NSEL scam which saw the share price stumble to record lows.
The MCX recently lost its dominant position in the currency futures market to the BSE, the exchange desperate to regain its position as tier 1 provider which can work. Vivek Solanki, a financial services professional from Dubai's FX Professionals, explained to Forex Magnates: “The prospective CEO’s experience in both the broking and tech-sector will give MCX a much needed boost as it aims to reclaim the hot seat.”
Jignesh Shah, India’s e-trading godfather, resigned from the board of MCX in November 2013 where he held the position as non-executive vice chairman. He was replaced in February 2014 by Manoj Vaish, another former BSE executive, however Mr. Vaishi called it quits after three months and resigned in May last year, with the exchange being CEO-less since that period.
With one of the largest financial derivatives-related fraud to take place in the modern era in South Asia under the insolvent NSEL, India’s technology-driven trading exchange, MCX, looks to the future as it selects a new leader.
During its peak, the MCX was considered by peers as the preferred trading venue for commodity derivatives in Asia's second most populous nation. At one point the dominant player controlled over 85% of trading activity in core metals and energy commodity contracts, however in a u-turn of so-called unexpected events, the liquid venue started to crumble with the NSEL debacle.
Trouble circulated within the Mumbai-based firm, and in a period of 24 months it underwent a complete makeover with shuffle after reshuffle at its board and C-level, with founder, Jignesh Shah, India also stepping down.
The new CEO, pictured, is expected to turn a new leaf for the exchange, with the Chinese New Year in action, the year of the Goat/Ram could be the turning point for MCX. Mr. Venkataramani could be a good fit for MCX, having served at senior positions at banks and brokers, the 'fintech' professional having done more than just 'sit on the fences' in lush board rooms.
Mr. Venkataramani, with all his experience, is a serial entrepreneur having established a technology firm, Marketplace Technologies and a broker-dealer, Basis Point, prior to joining the BSE. A strong common factor with MCX’s founder, Jignesh Shah.
India on-the-go
Indian financial markets are charged and ready to go, under the new government the marketplace has blossomed with the main benchmark index, SENSEX, rising to new highs, over the last year the index hit a low of 20,637 and spiked to a high of 29,844.
News of a new leader bumped MCX’s share price up by 5%, with the exchange currently trading at 972 INR. The exchange was affected by the NSEL scam which saw the share price stumble to record lows.
The MCX recently lost its dominant position in the currency futures market to the BSE, the exchange desperate to regain its position as tier 1 provider which can work. Vivek Solanki, a financial services professional from Dubai's FX Professionals, explained to Forex Magnates: “The prospective CEO’s experience in both the broking and tech-sector will give MCX a much needed boost as it aims to reclaim the hot seat.”
Jignesh Shah, India’s e-trading godfather, resigned from the board of MCX in November 2013 where he held the position as non-executive vice chairman. He was replaced in February 2014 by Manoj Vaish, another former BSE executive, however Mr. Vaishi called it quits after three months and resigned in May last year, with the exchange being CEO-less since that period.
EU Parliament Imposes €10,000 Cash Payment Limit in New Anti-money Laundering Legislation
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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