India’s National Stock Exchange Seeks New CEO Before Planned IPO
Current CEO Vikram Limaye’s term ends in July and, while he is eligible to seek an extension, regulations require him to re-apply.
(Bloomberg) -- National Stock Exchange of India Ltd., the world’s largest derivatives bourse by volume, invited applications for a new chief executive officer before its much-delayed initial public offering.
The applicant should have at least 25 years of relevant experience -- five as a financial services leader -- and having led an organization through an IPO process will be an advantage, the exchange said in a newspaper advertisement Friday. Applications are sought through March 25.
Current CEO Vikram Limaye’s term ends in July and, while he is eligible to seek an extension, regulations require him to re-apply. The new CEO will have to steer Canada Pension Plan Investment Board-backed NSE through to a listing, plans for which have been marred by probes into former officials for alleged violations. The bourse also suffered a record outage in 2021 due to technical glitches.
NSE last year sought a no-objection from the capital markets regulator to proceed to file the IPO prospectus. Plans had been stalled due to litigation on allegations of allowing preferential access to some high-frequency traders, and face a fresh blow after former CEOs Chitra Ramkrishna and Ravi Narain were fined by the watchdog last month for alleged governance issues including appointment of key personnel and sharing of confidential information with an unknown person.
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