New Delhi: Leading stock exchange NSE today selected IDFC chief Vikram Limaye as its new CEO and Managing Director, two months after the sudden exit of Chitra Ramkrishna from the top post.
Sources said NSE's board approved Limaye's name for the top position but a formal announcement would be made later as some formalities need to be completed from his side.
The approval of the board, chaired by Ashok Chawla, comes after a four-member search panel suggested Limaye's name from amongst the shortlisted candidates. The appointment would also need capital market regulator Sebi' approval.
Incidentally, he was recently named in a four-member panel appointed by the Supreme Court for administering cricket body BCCI. Currently the Managing Director & CEO of IDFC, 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 surrounding 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. 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.
Incidentally, the rival BSE today made a stellar listing on NSE platform as self-listing is not allowed. Former CEO Chitra 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....