MCX Stock Exchange, India's new stock exchange, is appointing Mr. Ashok Jha, former finance secretary, Government of India, as its non-executive Chairman.
Mr. Jha will succeed Mr. P G Kakodkar, former Chairman of SBI, who had requested to be relieved for health reasons. Mr Jha will join the Board from 1st August 2009 after discharging his current responsibilities.
Mr. S A Dave, former Chairman of UTI, would join the MCX Stock Exchange Board as an Independent Director.
MCX Stock Exchange has also appointed Mr. Joseph Massey as the Managing Director and CEO. Mr. Lamon Rutten, Joint Managing Director, would succeed Mr. Massey as the MD & CEO of MCX.
Mr. Jha said, "in a very short time, MCX Stock Exchange has become India's leading Currency Exchange platform. I understand it plans to launch products in Equity, Bond, SME, IRD and other market segments. I believe it is well positioned to widen and deepen market participation in conformity with the vision of the Government. Its leadership in research, innovation, strategic alliances and technology implementation will enable it to grow the market. For an emerging economy like India, greater financial inclusion is imperative and I am sure MCX Stock Exchange will play a catalytic role in this developmental process.
Commenting on the ensuing changes and the new appointments, Mr. Jignesh Shah, Vice Chairman, MCX Stock Exchange said, "I welcome the new members on board. Mr. Jha, Mr. Dave and Mr. Massey are recognized among the global leaders for their work and contribution in development of financial markets and creating world class institutions. Their invaluable experience and expertise will give MCX Stock Exchange an unrivalled competitive advantage in extending its leadership beyond the current currency segment in other asset classes, to be offered based on regulatory approval, and making it the 'exchange of choice'.
On his new role Mr. Massey said, "I'm excited about the opportunity to lead MCX Stock Exchange which has already established itself amongst the leading exchanges from India within relatively short span. It haas created a new environment of support and service orientation amongst exchanges. My goal along with the board and the team will be to execute on the vision set by our policy makers and regulators of driving greater financial inclusion through broadened asset class offerings and market penetration coupled with right regulatory framework. WE would like Indian stakeholders to be given a cutting edge advantage on technology, product, service levels, support systems, deeper penetration capability and knowledge to face the globalised environment better".
Mr. Joseph Massey brings over 20 years of leadership and experience in financial sector which includes institutions like LIC, RBI, SHCIL, Vadodara Stock Exchange and also as Managing Director of Inter-connected Stock Exchange Ltd. He is recognized for his contribution in supporting financial reforms and innovations that are balanced with prudent regulation, during his tenure with the above organizations. Mr. Massey most recently led MCX and contributed in IEX to its current No1 position as India's commodity and Energy Exchange, respectively.
India in the new world economic order, post recent global financial crisis, is poised to take the leadership role in shaping the re-architecture of the financial markets and ecosystem, MCX Stock Exchange, as the new Stock Exchange recognized by SEBI, aims to play a catalyst role in enabling the same. MCX Stock Exchange, has already sought approval from regulators for trading in other asset classes including equities.
MCX STOCK EXCHANGE Board of Directors would include:
- Mr. Ashok Jha, Chairman
- Mr. Jignesh Shah, Vice Chairman
- Mr. Joseph Massey, MD & CEO
- Mr. S. A. Dave, Independent Director
- Mr Vepa Kamesan, Director (Former Deputy Governor, RBI),
- Mr. S S Thakur, Director (Former Controller of Foreign Exchange, RBI),
- Mr. B D Sumitra, Director (Former Managing Director, CCIL),
- Mr. C M Maniar, Director (Senior Partner, Crawford Bayley & Co) and
- Mr. V Hariharan, Director,
- Mr. U. Venkataraman, Whole Time Director.
MCX STOCK EXCHANGE Advisory Board:
- Mr. G N Bajpai, former Chairman of SEBI and LIC,
- Mr. Venkat Chary, Chairman, MCX and Former Chairman FMC,
- Mr. A V Rajawade, Risk Management Consultants- Forex, IRD, Derivatives,
- Mr. Jamal Meclai, CEO of Meclai Financial and authority on forex markets,
- Mr. Naresh Deshpande, former Principal Legal Advisor, RBI and
- Mr. Ganesh Rao, CEO of IBS Forex Ltd
- Dr. L. C. Gupta, Director, Society for Capital Market Research & Development.