About
Shaping the Future of Financial Market Intermediaries with Customized Solutions
Our Team
Mrugank Paranjape
Managing Partner
Mrugank Paranjape – Managing Partner MC3
With 34+ years in financial services, he brings extensive experience across capital markets, commodities, securities services, global markets and transaction banking. He has covered all facets of financial services – broking, asset management, asset servicing and exchanges on a Pan India and Asia Pacific level. Currently, as the Managing Partner at MCQube, he leads strategic advisory services in financial markets, helping organizations navigate complex market structures and regulatory landscapes. He also serves as an Independent Non-Executive Director at State Bank of India and Oracle Financial Services Software. His focus is on risk management, technology innovation, and sustainable finance. He is passionate about sustainability and also serve humanitarian causes at Sewa International.
Samba Sivan
Director
Samba Sivan S – Founder Director Scymes Services
30+ years in financial services, he brings extensive experience across transaction banking, securities and retail finance. Samba has delivered in country and regional roles and has worked in ASEAN markets extensively. Currently serves as a promoter director of Scymes and driving the growth journey of Scymes. has played a pivotal role to building Scymes. Very entrepreneurial in thought and action and constantly exploring avenues to add value to clients.
Richard Falcao
Director
Richard Falcao – Founder Director Scymes Services
Over 40 years in banking he brings extensive experience across commercial, transaction and retail banking. Richard has played a key role in several product evolution journeys, operational models and build teams for delivery. The operating models are still in vogue and lasted the test of time. After a very successful stint with a large MNC bank Richard is a promoter director at Scymes. Richard supports several leaders in industry in terms of consulting in domain and content specifically in areas of transaction banking, treasury and trade. Richard has a passion in giving back to community and plays a key role in rural health care.
Praveen KS
Partner Consulting
Praveen K. S. – Partner MC3
With over 34 years of experience in technology management, product delivery, and business operations across multiple industries, Praveen KS has successfully led large-scale transformations and strategic initiatives. He possesses deep expertise in technology offshoring, capital markets solutions, HR technology, and vendor management. His accomplishments include repatriating tech IP, managing global teams, and overseeing complex migrations, which have delivered significant cost savings. Notably, he has led teams through intricate transitions, such as the migration of 2,000 employees to a new technology hub, built to reach 8000+ employees and implementation of large-scale systems like Workday for global workforce planning and analytics. Beyond banking and finance, he has also worked with leading organizations like Reliance Industries, driving tech automation for retail petroleum and logistics operations.
Mrugank Paranjape – Managing Partner MC3
With 34+ years in financial services, he brings extensive experience across capital markets, commodities, securities services, global markets and transaction banking. He has covered all facets of financial services – broking, asset management, asset servicing and exchanges on a Pan India and Asia Pacific level. Currently, as the Managing Partner at MCQube, he leads strategic advisory services in financial markets, helping organizations navigate complex market structures and regulatory landscapes. He also serves as an Independent Non-Executive Director at State Bank of India and Oracle Financial Services Software. His focus is on risk management, technology innovation, and sustainable finance. He is passionate about sustainability and also serve humanitarian causes at Sewa International.
Samba Sivan S – Founder Director Scymes Services
30+ years in financial services, he brings extensive experience across transaction banking, securities and retail finance. Samba has delivered in country and regional roles and has worked in ASEAN markets extensively. Currently serves as a promoter director of Scymes and driving the growth journey of Scymes. has played a pivotal role to building Scymes. Very entrepreneurial in thought and action and constantly exploring avenues to add value to clients.
Richard Falcao – Founder Director Scymes Services
Over 40 years in banking he brings extensive experience across commercial, transaction and retail banking. Richard has played a key role in several product evolution journeys, operational models and build teams for delivery. The operating models are still in vogue and lasted the test of time. After a very successful stint with a large MNC bank Richard is a promoter director at Scymes. Richard supports several leaders in industry in terms of consulting in domain and content specifically in areas of transaction banking, treasury and trade. Richard has a passion in giving back to community and plays a key role in rural health care.
Praveen K. S. – Partner MC3
With over 34 years of experience in technology management, product delivery, and business operations across multiple industries, Praveen KS has successfully led large-scale transformations and strategic initiatives. He possesses deep expertise in technology offshoring, capital markets solutions, HR technology, and vendor management. His accomplishments include repatriating tech IP, managing global teams, and overseeing complex migrations, which have delivered significant cost savings. Notably, he has led teams through intricate transitions, such as the migration of 2,000 employees to a new technology hub, built to reach 8000+ employees and implementation of large-scale systems like Workday for global workforce planning and analytics. Beyond banking and finance, he has also worked with leading organizations like Reliance Industries, driving tech automation for retail petroleum and logistics operations.
Manoj Bhat
Partner Consulting
Manoj P. Bhat – Partner MC3
More than 25 years of leadership experience in Fund Administration and Securities Services in Asia and Middle East. In depth experience of handling diverse functional roles in Fund Administration Services such as Operations, Operations Offshoring, Product Management, Business development, System Management, and Product Risk & Compliance. As head of Fund Administration Product, implemented multiple projects for launching of new services, entering new markets, creation of offshore operations hubs, transition of processes, new clients. The role also included continuous process improvements and cost savings and operational risk management. Manoj played a pivotal role in conceptualizing and successfully launching fund administration services in 8 markets, managing over 400 member teams, and establishing Centers of Excellence.
V Shunmugam
Partner Consulting
Dr. Venkatachalam Shanmumgam – Partner MC3
With 27 years of experience in financial markets, he has been at the forefront of regulatory policy, market research, and stakeholder engagement. His career began in the U.S., where he worked on trade policy alignment between the U.S. and India, later contributing to WTO negotiations on non-tariff barriers. As Chief Economist at MCX, he spearheaded policy reforms that linked financial markets with the real economy, boosting transparency, efficiency, and investor confidence. His expertise spans global and domestic markets, where he has driven sustainable growth, designed innovative market solutions, and mentored future industry leaders. Beyond work, he is deeply committed to financial literacy initiatives and economic development efforts that create lasting impact.
His journey isn’t just about numbers—it’s about shaping markets, policies, and institutions to drive meaningful change. Over the course of his career, which has spanned over 27 years, he has worked at the intersection of economic policy and financial markets, leading reforms that have strengthened market ecosystems. His early work with the USDA focused on resolving trade barriers between India and the U.S., and he later expanded to international regulatory consulting, including projects with the Food and Agriculture Organization/World Bank.
At MCX, he led transformative changes, including policy reforms, new products, and connecting institutional participants. He has also advised global institutions like the World Bank, guiding commodity reforms, including projects with clients such as the Chittagong and Thailand Stock Exchanges. His expertise in financial system design has helped markets evolve to meet modern growth and regulatory demands.
Passionate about mentorship, he has played a key role in developing future financial leaders and advocating sustainable economic policies. Looking ahead, he remains committed to working with policymakers, financial institutions, and global organizations to foster financial market innovation that supports inclusive and sustainable growth.
Saumil Vora
Partner Consulting
Saumil Vora – Partner MC3
Nearly 20 years of experience in Fund Administration, Securities Services and Asset & Wealth Management Software Companies. Played various roles such as Operations, Client Services, Functional Consultant, Sales Support, System Demo, and Process Transformation. Implemented regulatory requirements for client onboarding across 9 markets. Delivered automation of reports and system functionalities to meet market as well as client requirements thereby resulting in process improvements, mitigating operational risks and achieving efficiency. Implementation and functional support for Fund Accounting systems for various regions.
Dibyendu Sahu
Partner Consulting
Mr. Phanindra Prabhala
Partner Consulting
More than 25 years of leadership experience in financial services across Asia, with deep expertise in Fund Administration, Asset Management, and Securities Services within the COO function. Extensive experience spanning operations, operating model design, service-provider management, outsourcing, technology transformation, regulatory initiatives, and operational risk. Has led large-scale transformations including M&A integrations, new market entry, offshore operating hubs, and platform implementations. Played a pivotal role in establishing regional operating models, delivering cost efficiencies, strengthening controls, and building high-performing cross-border teams across multiple Asian markets.
Arun Kamath
Partner Consulting
Arun Kamath, an accountant by training and an ex-banking regulator (10 years with the Reserve Bank of India in various regulatory and supervisory roles), has spent the next two+ decades in two international banks in country, regional, and global Compliance roles.
As part of the Global Compliance Management of Deutsche Bank (until 2018), Arun was heading a global team, advising and helping management of risks around regulatory adherence and business conduct in the transaction/ commercial banking business.
Prior to that, as Asia Pacific Compliance Leader, his mandate included country and regional compliance roles covering South/Southeast Asia countries and leading the Compliance Function for the Asia Pacific Transaction and Retail banking businesses. Previously, he was at American Express Bank helping set up and run an assurance program over the controls and compliance framework of the then bank in India.
Veena Gadia
Partner Consulting
A Chartered Accountant with over 25 years of experience in banking and finance, Veena is a seasoned professional in regulatory compliance, internal control, and governance. Recently, as Executive Director and Head of Compliance for Nomura Group in India, and as a part of the Executive Committee, Veena has developed and implemented robust compliance programs, ensuring that her organization meets all regulatory requirements. Veena’s work with Nomura and previously with other leading financial institutions, including Commerzbank AG, Bank of America, and Deutsche Bank, has provided her with a wide-ranging understanding of the regulatory landscape around the financial/securities markets.
She has worked extensively on compliance issues related to capital markets, trading, research, sales and marketing, anti- money laundering, compliance oversight on offshoring operations, and more. Her expertise in compliance, risk management, and internal control has enabled her to help financial institutions navigate complex regulatory requirements, prevent costly penalties, and safeguard against reputation risks. Veena’s long-standing relationships across the BFSI industry, her deep understanding of regulatory expectations/obligations, and her leadership in developing and implementing effective compliance programs will therefore be invaluable to our clients.
Theresa Karunakaran
Partner Consulting
Theresa Karunakaran has a rich experience of over 36 years with the Reserve Bank of India and has worked in key areas specializing in the regulation and supervision of banks, foreign exchange, and non-banking finance companies. She was a key member of the First International Team constituted by the Financial Stability Board to assess the Bank of Mauritius’ compliance with Basel Core Principles. She has collaborated extensively nationally and internationally as a member of policy Working Groups in the RBI and as an RBI Representative in interactions with the Ministry of Finance and World Bank.
Upon retiring as General Manager of RBI, she subsequently managed regulatory affairs as an Adviser for Regulatory Matters at Axis Bank till 2015 and since, served as Director of Regulatory Affairs at Deutsche Bank AG India till 2020. She is a key resource person for Global Counter-Terrorism Council (GCTC), and FCAP Certification Program in AML for bankers/auditors from Asia. She has also authored a white paper on Risk Based Supervision which was published by Fintelekt.
Manoj P. Bhat – Partner MC3
More than 25 years of leadership experience in Fund Administration and Securities Services in Asia and Middle East. In depth experience of handling diverse functional roles in Fund Administration Services such as Operations, Operations Offshoring, Product Management, Business development, System Management, and Product Risk & Compliance. As head of Fund Administration Product, implemented multiple projects for launching of new services, entering new markets, creation of offshore operations hubs, transition of processes, new clients. The role also included continuous process improvements and cost savings and operational risk management. Manoj played a pivotal role in conceptualizing and successfully launching fund administration services in 8 markets, managing over 400 member teams, and establishing Centers of Excellence.
Dr. Venkatachalam Shanmumgam – Partner MC3
With 27 years of experience in financial markets, he has been at the forefront of regulatory policy, market research, and stakeholder engagement. His career began in the U.S., where he worked on trade policy alignment between the U.S. and India, later contributing to WTO negotiations on non-tariff barriers. As Chief Economist at MCX, he spearheaded policy reforms that linked financial markets with the real economy, boosting transparency, efficiency, and investor confidence. His expertise spans global and domestic markets, where he has driven sustainable growth, designed innovative market solutions, and mentored future industry leaders. Beyond work, he is deeply committed to financial literacy initiatives and economic development efforts that create lasting impact.
His journey isn’t just about numbers—it’s about shaping markets, policies, and institutions to drive meaningful change. Over the course of his career, which has spanned over 27 years, he has worked at the intersection of economic policy and financial markets, leading reforms that have strengthened market ecosystems. His early work with the USDA focused on resolving trade barriers between India and the U.S., and he later expanded to international regulatory consulting, including projects with the Food and Agriculture Organization/World Bank.
At MCX, he led transformative changes, including policy reforms, new products, and connecting institutional participants. He has also advised global institutions like the World Bank, guiding commodity reforms, including projects with clients such as the Chittagong and Thailand Stock Exchanges. His expertise in financial system design has helped markets evolve to meet modern growth and regulatory demands.
Passionate about mentorship, he has played a key role in developing future financial leaders and advocating sustainable economic policies. Looking ahead, he remains committed to working with policymakers, financial institutions, and global organizations to foster financial market innovation that supports inclusive and sustainable growth.
Saumil Vora – Partner MC3
Nearly 20 years of experience in Fund Administration, Securities Services and Asset & Wealth Management Software Companies. Played various roles such as Operations, Client Services, Functional Consultant, Sales Support, System Demo, and Process Transformation. Implemented regulatory requirements for client onboarding across 9 markets. Delivered automation of reports and system functionalities to meet market as well as client requirements thereby resulting in process improvements, mitigating operational risks and achieving efficiency. Implementation and functional support for Fund Accounting systems for various regions.
More than 25 years of leadership experience in financial services across Asia, with deep expertise in Fund Administration, Asset Management, and Securities Services within the COO function. Extensive experience spanning operations, operating model design, service-provider management, outsourcing, technology transformation, regulatory initiatives, and operational risk. Has led large-scale transformations including M&A integrations, new market entry, offshore operating hubs, and platform implementations. Played a pivotal role in establishing regional operating models, delivering cost efficiencies, strengthening controls, and building high-performing cross-border teams across multiple Asian markets.
Arun Kamath, an accountant by training and an ex-banking regulator (10 years with the Reserve Bank of India in various regulatory and supervisory roles), has spent the next two+ decades in two international banks in country, regional, and global Compliance roles.
As part of the Global Compliance Management of Deutsche Bank (until 2018), Arun was heading a global team, advising and helping management of risks around regulatory adherence and business conduct in the transaction/ commercial banking business.
Prior to that, as Asia Pacific Compliance Leader, his mandate included country and regional compliance roles covering South/Southeast Asia countries and leading the Compliance Function for the Asia Pacific Transaction and Retail banking businesses. Previously, he was at American Express Bank helping set up and run an assurance program over the controls and compliance framework of the then bank in India.
A Chartered Accountant with over 25 years of experience in banking and finance, Veena is a seasoned professional in regulatory compliance, internal control, and governance. Recently, as Executive Director and Head of Compliance for Nomura Group in India, and as a part of the Executive Committee, Veena has developed and implemented robust compliance programs, ensuring that her organization meets all regulatory requirements. Veena’s work with Nomura and previously with other leading financial institutions, including Commerzbank AG, Bank of America, and Deutsche Bank, has provided her with a wide-ranging understanding of the regulatory landscape around the financial/securities markets.
She has worked extensively on compliance issues related to capital markets, trading, research, sales and marketing, anti- money laundering, compliance oversight on offshoring operations, and more. Her expertise in compliance, risk management, and internal control has enabled her to help financial institutions navigate complex regulatory requirements, prevent costly penalties, and safeguard against reputation risks. Veena’s long-standing relationships across the BFSI industry, her deep understanding of regulatory expectations/obligations, and her leadership in developing and implementing effective compliance programs will therefore be invaluable to our clients.
Theresa Karunakaran has a rich experience of over 36 years with the Reserve Bank of India and has worked in key areas specializing in the regulation and supervision of banks, foreign exchange, and non-banking finance companies. She was a key member of the First International Team constituted by the Financial Stability Board to assess the Bank of Mauritius’ compliance with Basel Core Principles. She has collaborated extensively nationally and internationally as a member of policy Working Groups in the RBI and as an RBI Representative in interactions with the Ministry of Finance and World Bank.
Upon retiring as General Manager of RBI, she subsequently managed regulatory affairs as an Adviser for Regulatory Matters at Axis Bank till 2015 and since, served as Director of Regulatory Affairs at Deutsche Bank AG India till 2020. She is a key resource person for Global Counter-Terrorism Council (GCTC), and FCAP Certification Program in AML for bankers/auditors from Asia. She has also authored a white paper on Risk Based Supervision which was published by Fintelekt.
Who we are?
MCQube was set up in July 2023 after having commenced its operations as the Consulting Division of Scymes Services Private Limited. With a combined experience of over 200+ years in the global financial markets, our team brings unparalleled expertise and insight to the most complex challenges facing today's financial landscape. We are a group of former senior bankers and financial market professionals, each with deep knowledge and hands-on experience in Capital Markets, Exchanges, Commodities, Currencies and Custody & Fund Services.
Having worked with some of the world's leading financial institutions, we understand the intricacies of global markets and the ever-changing regulatory and economic environments. Our extensive experience allows us to deliver innovative solutions that are both strategic and practical, helping clients navigate risk, seize opportunities, and optimize performance.
Scymes Services Private Limited (https://scymes.com) is a KPO/BPO offering Outsourcing Solutions to BFSI Segment and specializes in BFSI Operations. Scymes is known for following strict guidelines of governance and compliance with a no-compromise policy on regulatory requirements. Our goal is to create an environment of care and performance. We promote diversity and endeavour to make the workplace an enriching nest designed for teamwork and fun. (Visit Scymes)
What we do
We are a consulting firm dedicated to helping businesses navigate complex markets and achieve sustainable growth in India, ASEAN and GCC markets.
We specialize in crafting customized solutions that meet and exceed the sophisticated requirements of businesses aiming to make their mark in the intermediation of financial markets. Our commitment to depth over breadth equips you with the strategic insights and support necessary to navigate the complexities of the financial markets confidently. Trust MCQube for a partnership that transforms challenges into opportunities, ensuring your journey through the securities markets is both successful and strategic.
Markets
At MCQube, we specialize in empowering securities Market Infrastructure and Intermediaries (MII) by developing innovative products and tailored business strategies. Our expertise extends to market structural research, policy advocacy, and comprehensive market entry strategies that tackle competitive challenges. We focus on transforming compliance hurdles into strategic opportunities and conduct detailed market scoping to identify new trends and prospects. Additionally, we emphasize market efficiency and structure research to ensure our clients remain competitive and well-informed. By leveraging in-depth market research, we help businesses navigate complexities and drive sustainable growth in this dynamic environment.
We also offer specialized services to Market Infrastructure Institutions (MIIs), including exchanges, depositories, clearing corporations, brokerages, custodians, and asset management companies. Our goal is to assist them in developing their businesses and enhancing their product and process efficiencies. To enhance customer satisfaction, we suggest implementing regular feedback loops, offering personalized services, and optimizing communication channels to better respond to client needs and concerns.
Capital
We also offer specialized services to Market Infrastructure Institutions (MIIs), including exchanges, depositories, clearing corporations, brokerages, custodians, and asset management companies. Our goal is to assist them in developing their businesses and enhancing their product and process efficiencies. To enhance customer satisfaction, we suggest implementing regular feedback loops, offering personalized services, and optimizing communication channels to better respond to client needs and concerns.
Commodities
Volatility and regulatory shifts define today’s commodity markets, making informed decision-making crucial for businesses. At MCQube, we emphasize that risk management is a comprehensive process that begins with commodity price risk measurement and culminates in reporting to the board and investors after effectively managing these risks through derivative markets. We also focus on commodity price risk management, policy advocacy, and the study of physical markets while ensuring strong connectivity with local market stakeholders. Additionally, we help build a culture of risk management and assist Market Infrastructure Institutions (MIIs) and intermediaries in product development and policy advocacy. Our cutting-edge advisory services in commodity derivatives and market development strategies are tailored to meet these needs. We work closely with stakeholders across the agriculture, metals, and energy sectors to create robust hedging frameworks and trading strategies. Whether you're a producer, trader, or institutional investor, our expertise helps you navigate commodity cycles effectively.
Currencies
Foreign exchange markets are dynamic, with global trends and policy shifts creating constant fluctuations. At MCQube, we specialize in helping corporations effectively navigate currency risks through sophisticated strategies utilizing currency derivative markets. We perform comprehensive assessments to inform risk management planning and help develop robust risk management policies. Additionally, we support stakeholders in advocating for better market conditions and improved regulations to foster efficient markets and enhance financial products for improved access to businesses and market stakeholders. Whether you're an exporter, importer, or institutional investor, our expertise ensures that you stay ahead of currency volatility.
Our Association: TSSAG
TSSAG (The Securities Services Advisory Group) is the leading Global Association of Consulting Firms in the Securities Services space
