New Delhi: Leading stock exchange NSE on Wednesday said it has appointed IDFC chief Vikram Limaye as its new Managing Director and CEO — nearly two months after the sudden exit of Chitra Ramkrishna from the top post.
Limaye will have a tenure of five years with effect from the date he assume office, NSE said in a statement.
The appointment, which was approved by NSE’s board last week, is subject to approval of shareholders and capital markets regulator Sebi.
The appointment comes at a time when the exchange is preparing to launch its IPO estimated to be worth over Rs 10,000 crore. Besides, the bourse is facing regulatory issues over alleged preferential access to a few for co-location and algo trade facilities.
“The Board of Directors of the National Stock Exchange met on February 3 and decided to appoint Vikram Limaye as MD and CEO of NSE, subject to approval of shareholders and SEBI, for a period of five years,” the exchange said.
Separately, IDFC also said in a regulatory filing that the board of directors of NSE has approved Limaye’s appointment as the Managing Director and CEO. He was with IDFC since 2005 and has over 25 years of experience of working with financial institutions, global investment banks, international commercial banks, and global accounting firms.
The approval of the NSE board, chaired by Ashok Chawla, came after a 4-member search panel suggested Limaye’s name from among the short-listed candidates.
Incidentally, he was recently named in a 4-member panel appointed by the Supreme Court to administer cricket body BCCI.
Limaye started his professional career with Arthur Andersen in Mumbai in 1987 and has also worked with Ernst & Young and Citibank. He has worked at Wall Street for eight years with Credit Suisse First Boston before returning to Mumbai in 2004.
Limaye has contributed to various committees of government and industry associations on a range of topics on infrastructure, economic policy, markets and trade.
A commerce graduate, Limaye has an MBA in Finance and Multinational Management from the Wharton School of the University of Pennsylvania.
Rival BSE made a stellar listing last
week on the NSE platform as self-listing is not allowed. Incidentally, it was the same day when NSE’s board approved Limaye’s appointment.
Former CEO Ramkrishna had risen through the ranks to head the exchange and was part of the team that set up NSE in 1992. She was also one of the few women executives at the helm of a leading exchange globally.
Her tenure was originally scheduled to end in March 2018.
She took charge as managing director and CEO in April 2013 when she succeeded Ravi Narain, who was also part of the first leadership team of the exchange.
NSE began operations in 1994 and is a leading stock exchange in India.