Li­maye Set to Be­come NSE CEO

Bourse will soon take steps to get ap­provals from regulator Sebi and its share­hold­ers at an­nual gen­eral meet

The Economic Times - - Markets: Beating Volatility - Reena.Zachariah @times­

Mum­bai: Vikram Li­maye is set to be­come the new man­ag­ing di­rec­tor and chief ex­ec­u­tive of­fi­cer (MD & CEO) of the Na­tional Stock Ex­change of In­dia (NSE). The board of NSE on Fri­day ap­proved the ap­point­ment of Li­maye for five years, said a person fa­mil­iar with the de­vel­op­ment. Li­maye, 50, is the MD and CEO of IDFC, an in­fra­struc­ture fi­nanc­ing firm. NSE will be send­ing Li­maye’s name to the Se­cu­ri­ties and Ex­change Board of In­dia (Sebi) for its ap­proval soon and would also seek clear­ance at the ex­change’s an­nual gen­eral meet­ing. Some of the NSE board mem­bers de­clined to com­ment on the de­vel­op­ment, while calls to Li­maye went unan­swered. A Sebi of­fi­cial said the regulator is yet to re­ceive the NSE pro­posal.

Li­maye will suc­ceed Chi­tra Ramkrishna who quit NSE last year in De­cem­ber cit­ing per­sonal rea­sons. The ex­change ap­pointed a se­lec­tion panel com­pris­ing Mahin­dra & Mahin­dra chair­man Anand Mahin­dra, for­mer Re­serve Bank of In­dia (RBI) deputy gover­nor Usha


Tho­rat and NSE in­de­pen­dent direc­tors TV Mo­han­das Pai and Di­nesh Kan­abar.

Li­maye will be the first NSE CEO from out­side the found­ing team that set up the ex­change in the1990s. But, he is fa­mil­iar with the work­ings of the ex­change as IDFC was one of the orig­i­nal pro­mot­ers of NSE and con­tin­ues to hold stake in the ex­change.

Li­maye would be join­ing the firm even as the ex­change has filed its IPO (ini­tial pub­lic of­fer­ing) doc­u­ment with the Sebi, and the regulator is ex­am­in­ing al­le­ga­tion against NSE that it gave un­fair ac­cess to some bro­kers on its al­go­rith­mic trad­ing plat­form.

Ear­lier this week, the Supreme Court named Li­maye as one of the ad­min­is­tra­tors of Board of Con­trol for Cricket in In­dia.

Li­maye, a fi­nance veteran started his ca­reer with Arthur An­der­sen in Mum­bai in 1987 while pur­su­ing his char­tered ac­coun­tancy. He has also worked with Ernst & Young and Citibank be­fore go­ing to the US in 1994 to pur­sue an MBA from the Whar­ton School of the Univer­sity of Penn­syl­va­nia in the US.

“Vikram is a fan­tas­tic choice, one who is an in­sti­tu­tion builder by putting his head down and rolling up his sleeves, not by man­ag­ing head­lines. Not many know he came back from the US to work for the gov­ern­ment. He is very pub­lic spir­ited, sim­ple and sin­cere,” said Praveen Chakravarty, se­nior fel­low, IDFC In­sti­tute who was Li­maye’s class­mate at Whar­ton Busi­ness School.

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