Managing Director of IDFC, Vikram Limaye has been named as the new Managing Director & CEO of the National Stock Exchange (NSE) on February 3, 2017.The position was lying vacant after Chitra Ramakrishna quit the exchange on December 2 citing personal reasons. Thus the stock exchange set up a four-member panel on December 5, to look for the next MD of the bourse.
- Chitra Ramkrishna unexpectedly quit as Chief Executive Officer of NSE on December 2, 2016, ending her 24-year career at the country’s largest bourse. She was one of the founding members of NSE in 1992.
- She was to retire in March 2018. She took charge as Managing Director and CEO in April 2013 succeeding Ravi Narain, who was also part of the founding team of the exchange.
- After this, J. Ravichandran, who used to serve as group president of finance and legal and company secretary at NSE, was named the interim MD and CEO. He will serve in the position until Limaye takes charge.
- The panel included M&M group chairman Anand Mahindra, former RBI deputy governor Usha Thorat, NSE independent directors T V Mohandas Pai and Dinesh Kanabar as members.
- The panel suggested the name of Limaye. His name will now be send by NSE for verification to SEBI and after its approval, Limaye would take the office.
About Vikram Limaye
Limaye would be the first NSE CEO from outside the founding team that set up the exchange in the 1990s.
- He is a chartered accountant with an MBA from The Wharton School. Limaye started his career with Arthur Andersen in Mumbai in 1987 working in the audit and business advisory services groups of Arthur Andersen and EY and the consumer banking groups of Citibank and Credit Suisse.
- On January 30, Limaye was named a member of a four-member panel by the Supreme Court to run the Board of Control for Cricket in India (BCCI). Limaye served as the head of IDFC for four years.
- He is believed to be down to earth and a public spirited person. NSE believes that his unquestionable ethics and integrity will bring credibility for NSE especially when it is facing reputational crisis
- Limaye will have various crucial job to handle at a time when NSE is preparing to launch its IPO, which is estimated to be over Rs 10,000 crore.
- Besides, SEBI is also examining allegations against NSE that it gave preferential and unfair access to some brokers on its algorithmic trading platform.
About National Stock Exchange
The National Stock Exchange of India Limited (NSE) is the leading stock exchange of India, located in Mumbai. It was established in 1992.
- NSE was the first exchange in the country to provide a modern, fully automated screen-based electronic trading system which offered easy trading facility to the investors spread across the country.
- National Stock Exchange has a total market capitalization of more than US$1.41 trillion. It is the world’s 12th-largest stock exchange as on March 2016.
- NSE offers trading, clearing and settlement services in equity, equity derivatives, debt and currency derivatives segments.
- It is the first exchange in India to introduce electronic trading facility thus connecting together the investor base of the entire country.
- NSE has 2500 VSATs and 3000 leased lines spread over more than 2000 cities across India.