The Board of Directors of NCDEX e Markets Limited (NeML), India’s leading integrated e-market platform Company today announced the appointment of Mr Mrugank Paranjape as the new Managing Director & Chief Executive Officer (MD & CEO) of the Company. NeML is a 100% subsidiary of National Commodity & Derivatives Exchange Limited (NCDEX), which is India’s largest agricultural commodity exchange. Mr Paranjape has taken charge with effective November 5, 2020.
Mr Paranjape who has over 25-years of rich experience is a consummate capital markets and finance professional. He joins NeML from with Alpha Alternatives, a boutique alternative asset manager in the absolute return and commodities area where he was a Senior Partner. Prior to this he was the MD & CEO of the Multi Commodity Exchange of India (MCX) – where he was instrumental in the overall resurgence of MCX following its troubled legacy in his three-year tenure.
In addition, Mr Paranjape is a Non-Executive Director on the Central Board of State Bank of India (SBI) and the Chairman of the Risk Management Committee of the Board of the Bank. He will continue to be associated with SBI in his non-executive capacity.
Speaking on his appointment as the new Managing Director & Chief Executive Officer of NeML, Mr Mrugank Paranjape said, “I am delighted and excited by this opportunity to lead the able team of NeML in these challenging yet interesting times. The Indian agriculture today stands at a cusp of a transformation and will enhance its significance to the Indian economy. I believe NeML as a Company is rightfully poised to drive this evolution. I look forward to interact closely with my NeML team member and other stakeholders of the ecosystem”.
Prior to joining MCX, Mr. Paranjape was the India Head of DB Centre—the front office offshoring Centre of Deutsche Bank. In the decade spanning 2005 to 2014, he held several leadership positions and assignments within Deutsche Bank in India and Singapore in its Global Transaction Banking division. In 2012, he was awarded the “Custodian Banker of the Year” by Asian Investor Magazine.
In his 25-years of work experience, Mr. Paranjape has held various leadership roles in functions such as Business head; Product Management; Operations and Technology. Furthermore, he has worked across diverse geographies spanning 14 markets across Asia and a pan India network of cities.
Mr Paranjape has earlier held leadership positions with ICICI Prudential AMC, India Infoline, W I Carr, ING Barings & Citibank.
Mr. Paranjape is an alumnus of IIT Mumbai (Electrical Engineering), and holds a PGDM (Specialization in Information Systems) from IIM Ahmedabad.