10 May 2016 Current Affairs: Mrugank Paranjape took charge as managing director (MD) and chief executive officer (CEO) of Multi Commodity Exchange (MCX), country’s largest commodity exchange. He will have tenure of 3 years. His appointment fills the vacancy of the post which was vacant for past two years. Prior to this, Mrugank Paranjape was working with Deutsche Bank for 14 years as Asia Pacific Head of Trust & Securities Services/Cash Management for Financial Institutions.
Multi Commodity Exchange (MCX) : The MCX is country’s first listed commodity futures exchange that facilitates online trading, and clearing and settlement of commodity futures transactions. It started functioning in November 2003 and operates within the regulatory framework of the Forward Contracts Regulation Act (FCRA), 1952. MCX offers futures trading in bullion, ferrous and non-ferrous metals, energy, and a number of agricultural commodities (mentha oil, cardamom, potatoes, palm oil etc). Globally, MCX ranks no. 1 in silver, no. 2 in natural gas, no. 3 in crude oil and gold in futures trading and is India’s largest commodity exchange.