Limaye was appointed to a panel, set up by Supreme Court, to administer the Board of Control for Cricket in India (BCCI) and will hold that position till July 14. After that, he wished to be relieved from his BCCI duties.
Last month, markets regulator Sebi cleared Limaye's appointment as head of NSE, provided he gives up his role at BCCI.
"Limaye is likely to join NSE from Monday, July 17," a source close to the development said.
Limaye was selected as the managing director and CEO of the exchange by the board of NSE in February following the abrupt exit of Chitra Ramkrishna in December last year. In March, shareholders of the exchange had approved the appointment.
Limaye, who joined IDFC in 2005, has over 25 years of experience of working with financial institutions, global investment banks, international commercial banks, and global accounting firms.
He 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 on infrastructure, economic policy, markets and trade.
A commerce graduate, Limaye is an MBA in Finance and Multinational Management from the Wharton School of the University of Pennsylvania.