Vikram Limaye to take charge as NSE MD & CEO on Monday

On Friday, by SC relieved Limaye of his responsibilities at the COA formed to oversee BCCI

Vikram Limaye would join the National Stock Exchange (NSE) as its managing director (MD) & chief executive officer (CEO) from July 17, the exchange said in a statement.

The Supreme Court on Friday relieved Limaye of his responsibilities at the Committee of Administrators (COA), formed to oversee the Board of Control for Cricket in India (BCCI).

NSE, the country’s largest stock exchange, has been without a full-time chief for more than seven months.

Limaye’s predecessor Chitra Ramkrishna, whose tenure was to end in 2018, had quit unexpectedly on December 2, 2016, amid the “preferential access” controversy.

In the interim, J Ravichandran, who used to serve as group president, has been the interim MD and CEO.

Limaye, 50, was previously the MD and CEO of IDFC, an infrastructure financing firm. He is joining at a time when the exchange is readying to launch an initial public offer (IPO) worth around Rs 10,000 crore to provide an exit to some of the existing investors.

NSE is also looking to settle the allegations of unfair access to certain brokers at its co-location facility with the market regulator Securities and Exchange Board of India (Sebi). On Monday, the exchange saw a massive technical glitch that halted trading for more than three hours. Both Sebi and the Ministry of Finance are probing the incident. NSE is expected to submit a detailed report of the incident to the market regulator soon.

Limaye is an MBA in finance from the Wharton School of the University of Pennsylvania, USA.