Sebi receives two names for NSE top job, may ask exchange for more

Incumbent MD and CEO Vikram Limaye's term ends July 16. He took charge seven months after abrupt exit of former boss Chitra Ramkrishna amid charges of wrongdoings at NSE's colocation facility

The Securities and Exchange Board of India (Sebi) has received the names of Yatrik Vin and Ashish Kumar Chauhan as potential candidates for the top job at the National Stock Exchange (NSE).

Vin is currently the global chief financial officer of NSE, while Chauhan is the managing director and chief executive officer at rival BSE.

Both the names have been shortlisted by the selection panel and sent to Sebi this week, said people with knowledge of the development.

The regulator might ask the exchange to submit more if not satisfied for the two candidates, they added. NSE’s nomination and remuneration committee (NRC) is said to have made a shortlist of 5-6 candidates.

NSE’s incumbent MD and CEO Vikram Limaye's first term ends on July 16. He took charge seven months after the abrupt departure of former MD & CEO Chitra Ramkrishna amid allegations of wrongdoings at NSE’s colocation facility and misgovernance over appointment of former group operating officer Anand Subramanian.

Limaye has decided not to apply for a second-term at NSE. BSE’s Chauhan second five-year term ends in November. BSE too has begun the search for a new chief.

In 2017, Sebi introduced new rules that require the MD & CEO of a market infrastructure institution (MII) to undergo an appointment process for a second term anew. In other words, the incumbent has to compete with fresh candidates to get reappointed. Also, the MD & CEO is now allowed a maximum of two terms of five years each.

Consultancy firms Korn Ferry Egon Zehnder were hired to oversee the appointment process at NSE and BSE respectively.