MCX appoints Ramesh Varakhedkar as Chief Business Officer; stock in focus

Multi Commodity Exchange of India Ltd (MCX) has appointed Ramesh Varakhedkar as its Chief Business Officer (CBO) and Key Management Personnel under the Securities Contracts (Regulations) (Stock Exchanges and Clearing Corporations) Regulations, 2018.

Varakhedkar joined MCX on September 28, 2026. According to the company's exchange filing, he brings more than 30 years of diversified experience across the financial and capital markets space.

MCX shares ended Monday at Rs 3,266, down 1.77% from the previous close of Rs 3,325. The stock opened at Rs 3,301.05, touched a high of Rs 3,320 and a low of Rs 3,251.85 during the session. The stock has gained around 48.87% so far in 2026.

Varakhedkar has completed the Accelerated General Management Programme from IIM Ahmedabad, an Executive Programme in Applied Finance from IM Calcutta and a Post Graduate Diploma in Marketing and Sales. He also holds a Bachelor's degree in Science.

Before joining MCX, Varakhedkar was associated with ICICI Securities Ltd as Head – Commodities Business. He has also worked with Karvy Stock Broking Ltd, Metropolitan Stock Exchange Ltd, Citibank and ICICI Bank, according to the company filing.

His appointment comes as MCX continues to expand its commodity-market offerings. The exchange has recently introduced and expanded contracts across commodities, including natural gas and crude oil options.

MCX has also been seeing expectations of strong revenue growth. A recent Macquarie report estimated that the exchange's revenue could grow at a 19% compound annual growth rate through FY30, driven by rising investor participation and the introduction of new commodity products.

The company said there is no relationship between Varakhedkar and the directors requiring disclosure under the applicable regulations.