Multi Commodity Exchange (MCX) Managing Director Mrugank Paranjape has decided to exit the company without pursuing the opportunity of a second term.
In an exchange filing, MCX said, “Mrugank Paranjape, MD & CEO and a Key Managerial Personnel of the Company, whose term expires with effect from close of business hours on May 8, 2019, has decided not to pursue the opportunity of a second term as the MD & CEO of MCX, and has informed the same to the Board of Directors of the company.”
MCX Board is scheduled to meet on Monday to take a view on the top job at the company.
A big race is on for the post of managing director and chief executive officer at MCX, the largest commodity exchange in the country with nearly 160 applications pouring in. Of these, only five candidates have been short-listed by the board. Under Paranjpe, the exchange continued to maintain 90 per cent market share in the last three years. However, track record on operational profits was passive, considering the fact that a large portion of the exchange’s income came from interest on cash and other income. Also, pre-tax earnings were affected due to higher other expenses.
Nearly 50 per cent of MCX’s current market capitalisation can be attributed to the cash on its books.