The Securities and Exchange Board of India (Sebi) has approved the National Stock Exchange’s (NSE’s) proposal to appoint Vikram Limaye as the latter’s managing director and chief executive officer (MD & CEO).This is on condition that he resign from the Supreme Court-appointed Committee of Administrators (CoA) to oversee the Board of Control for Cricket in India. The approval was given on Wednesday. “The appointment will take effect from the date of joining,” said NSE spokesperson Divya Lahiri. The nod comes three months after the exchange proposed Limaye’s name to the regulator. The bourse has been without a full-time chief for a little more than six months. Chitra Ramkrishna had quit as MD & CEO in December 2016; Ravichandran has been interim chief. It could take about a month for Limaye to recuse from the CoA, sources said.
Concerned whether Limaye would able to do justice to the dual roles at the NSE and the CoA, Sebi had withheld approval. Recently, the NSE had assured Sebi that Limaye would give up his BCCI duties before joining the NSE, once the appointment was approved. Sebi’s approval would be a relief to the NSE, which has initiated the process of launching an initial public offer (IPO) of equity. This is expected to be worth Rs 10,000 crore, giving exits to several of its existing shareholders.The IPO, however, will have to wait till the NSE resolves another issue with Sebi. Last month, Sebi issued showcause notices to the exchange and 14 of the latter’s officials, for alleged lapses at its co-location facility, which gave unfair access on data feed to certain brokers.