Mumbai, October 31, 2024: Ms. Praveena Rai has officially taken charge as the Managing Director and Chief Executive Officer (MD & CEO) of the Multi Commodity Exchange of India Ltd. (MCX), India’s largest commodity exchange by market share. Her appointment was approved by the Securities and Exchange Board of India (SEBI) in August 2024.
MCX is a significant player in India’s financial landscape, accounting for more than 96% of the market share in the country’s commodity derivatives trading. The exchange facilitates trading across a range of commodities, including precious metals, base metals, energy, and agricultural products. With an average daily turnover exceeding ₹50,000 crore in FY 2023-24, MCX plays a crucial role in providing transparency and liquidity to the commodities market. The exchange’s flagship product, Gold Futures, has positioned MCX as a global leader in precious metals trading, attracting strong interest from retail and institutional investors alike.
Ms. Rai joins MCX from the National Payments Corporation of India (NPCI), where she served as the Chief Operating Officer. She has been instrumental in driving digital payment adoption in India, with NPCI platforms like UPI and RuPay transforming the payments ecosystem. Her experience with high-growth digital products is expected to bring a fresh perspective to MCX as it explores new technology-driven initiatives, including blockchain applications and real-time data analytics.
With over 30 years in the financial sector, Ms. Rai has held notable positions in institutions like HSBC, where she served as Asia-Pacific Regional Head for Payments. She is an alumna of the College of Engineering, Guindy, and holds a postgraduate degree from IIM Ahmedabad.
