Vikram Limaye's tenure ends at NSE, sources say no successor named yet

NSE had started MD & CEO selection process in March. Vikram Limaye was eligible for another five-year term but opted out

Vikram Limaye’s five-year tenure as managing director & chief executive officer (MD & CEO) of the National Stock Exchange (NSE) ended on Friday. The exchange is yet to announce a successor. Sources said market regulator Securities and Exchange Board of India (Sebi) hasn’t yet zeroed in any name. NSE had started the MD & CEO selection process in March. Limaye was eligible for another five-year term at NSE. However, he decided to opt out.

Limaye took charge in July 2017, seven months after the controversial departure of former MD & CEO Chitra Ramkrishna amid charges of wrongdoings at NSE’s colocation facility and misgovernance over appointment of former group operating officer Anand Subramanian. Before Limaye joined, group president J Ravichandran was made interim chief. Ravichandran retired last year. The bourse is likely to again announce an interim CEO, said one source.

Rival bourse BSE’s MD & CEO too has begun the search for a new MD & CEO. Current chief Ashish Chauhan, whose second five-year tenure ends this November, is said to be in the reckoning for the top job at NSE.

Limaye is leaving NSE at a time when there is fresh regulatory heat on the exchange’s former boss Ramkrishna over alleged illegal phone-tapping. Also, the exchange’s much-awaited IPO has gone into deep freeze due to legacy regulatory issues.