Limaye Set to Become NSE CEO
Bourse will soon take steps to get approvals from regulator Sebi and its shareholders at annual general meet
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.