New Delhi: Newly appointed NSE chief Vikram Limaye will get a pay package nearly double the combined salaries drawn by the CEOs of rival exchanges BSE and MSEI in the last fiscal.
The National Stock Exchange (NSE), which is preparing for the nearly Rs 10,000 crore initial public offer, has proposed an annual remuneration of Rs 8 crore for Limaye.
An analysis shows that his proposed annual pay would be nearly double that of the total remuneration earned by the chiefs of BSE and MSEI (Metropolitan Stock Exchange of India).
BSE Managing Director and CEO Ashishkumar Chauhan received a pay packet of Rs 3.26 crore in fiscal 2015-16. The exchange, the world's largest by number of listed companies, got listed earlier this month.
Rival bourse MSEI's Managing Director and CEO Saurabh Sarkar, who tendered his resignation in October 2015, was paid Rs 93.93 lakh while his successor Udai Kumar -- who assumed office on January 22, 2016 -- received Rs 13.58 lakh till end of March 2016.
These figures are from the annual reports of the respective exchanges for the 2015-16 period. Put together, the salaries of the heads of these two exchanges were little over Rs 4 crore in the last financial year.
In comparison, Limaye's pay packet would be nearly double at Rs 8 crore. Recently, NSE board approved the selection of Limaye as its Managing Director and CEO. It is also subject to clearance from markets regulator Sebi.
The premier exchange would seek shareholders' nod for his appointment and remuneration package on March 7. Limaye joins the exchange from IDFC Ltd where his salary totalled Rs 3.01 crore in 2015-16 as Managing Director and CEO.
His predecessor at NSE, Chitra Ramkrishna - who suddenly resigned from the exchange in December last year -- had a remuneration of Rs 7.87 crore in 2015-16. Meanwhile, chief of Multi Commodity Exchange of India (MCX) Mrugank Paranjape took home a pay of Rs 1.70 crore in the last financial year....