It’s just been six months since Mrugank Paranjape has taken over the reins of MCX, a commodity exchange, and he is exuding exemplary confidence to rebuild its growth path. Paranjape, who had held the helms of Deutsche Bank earlier, joined MCX in February as its MD and CEO.
Jignesh Shah, the Founder of Financial Technologies (India) Limited (FTIL), launched MCX at a time when India was still skeptical about foraying into commodity exchange. Set up in 2003, MCX is India’s first listed commodity futures exchange. The Exchange works around online trading, and clearing and settlement of commodity futures transactions. MCX operates under the regulatory framework of SEBI.
MCX owns futuristic technology that makes it a class apart. The Exchange owns a technology that provides seamless and customized connectivity to all critical components, and this ensures there is never a glitch in trading facilities, such as, fast order routing, immediate trade execution, trade reporting, real-time risk management, market surveillance and market data dissemination.
Paranjape has been putting in a lot of positive energy at MCX, which is important because the organization has acquired a senior management official after two years. He is confident that life at MCX will be exciting because FMC and SEBI are aiming for a merger.
Paranjape believes that the merger can allow trading of new products and open up opportunities for commodity exchanges like MCX. The MD is expecting great days ahead for India’s commodity market with the influx of more investors and producers joining the formal trade of the exchange and add greater impetus to the business.
Since the past two years, there has been lot of speculation about the health of MCX. Industry experts have been fixated on the growth of the Exchange. However, Paranjape has been changing the functioning of MCX. Since his arrival, there has been a revival of the management team. And the MD holds public speculation and investors’ interest in equal importance, for they are the ones who bring in the much-required liquidity to any exchange.
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