NSE rejigs senior level executives; beefs up compliance team

As stock exchanges' role as front-line regulators become more important, top bourse NSE has made some important changes in senior level positions while beefing up its regulatory and compliance related teams.
While R Sundararaman, a Senior Vice President and Chief of New Products at NSE, has left to join Bank of America at a senior position, National Stock Exchange (NSE) has made many other changes in its senior level positions, mostly at various Vice President levels.
Sources said that at least 7-8 senior positions have seen changes and some senior executives have been asked to assume more specific roles as part of the reshuffle that took place earlier this month.

When contacted, an NSE official said, "It is part of a long term strategy on developing talent based on NSE's talent management framework to enhance capabilities and competencies in the senior team."
"This, in turn, will enhance the functioning of all the departments, keeping new regulations and guidelines in mind," the official said, but declined to comment on individuals.
Sources, however, said that the focus of the reshuffle has been on beefing up the compliance and regulatory functions and this assumes significance in the wake of the exchanges being asked to play a more active role in ensuring compliance by listing companies to the Listing Agreement and to the various disclosure requirements.

As part of the changes, a senior executive has been moved from the trading operations to compliance side and would now be responsible for ensuring regulatory compliance at regional offices.

Another senior executive would now provide legal assistance to the regulatory team, although he was already working in a similar capacity.
Besides, two new executives have been inducted, including one from the pension sector regulator PFRDA, into the compliance and regulatory roles.
Another senior executive from the compliance team has been moved to business development function to take charge of mutual funds related operations.
NSE is the country's largest stock exchange and also figures among the top bourses across the world in terms of number of equity trades and on some other parameters.