Praveena Rai, formerly the Chief Operating Officer at the National Payments Corporation of India (NPCI), has transitioned to a new role as the Managing Director and Chief Executive Officer of the Multi Commodity Exchange (MCX), as announced by the commodity exchange on Thursday. Rai’s appointment, which received approval from the Securities and Exchange Board of India (SEBI) in August, marks a significant leadership change for MCX.
The Multi Commodity Exchange of India (MCX), established in 2003 and headquartered in Mumbai, is India’s largest commodity derivatives exchange, providing a platform for trading futures and options across a range of commodity segments, including bullion, base metals, energy, and agricultural products. MCX holds a dominant position in the Indian commodity derivatives market, capturing over 95% of market share. The exchange enables trading in a wide array of commodities and operates under the regulatory framework of the Securities and Exchange Board of India (SEBI), MCX adheres to strict compliance and governance standards, ensuring a transparent and efficient trading environment.
With a career spanning nearly 30 years in financial services, Rai has held senior positions at prominent institutions, including Kotak Mahindra Bank, Citi, and HSBC, before joining NPCI. During her tenure at NPCI, she oversaw critical functions including business strategy, marketing, product development, technology, and operational delivery, contributing significantly to the organization’s growth and strategic initiatives.
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