SEBI Clears Vikram Limaye’s Appointment As NSE Chief
Limaye’s term will begin after the expiry of his role with the BCCI in August.
The markets regulator has approved the appointment of Vikram Limaye as the chief executive officer and managing director of the National Stock Exchange Ltd.
Limaye will take over after his term as a member of the committee of administrators ends at the Board of Control for Cricket in India (BCCI) in August, NSE said in a statement.
At present the managing director and chief executive officer of infrastructure lender IDFC Ltd., Limaye was named the NSE chief for five years in February, pending approval from the Securities and Exchange Board of India (SEBI). The exchange has been without a full-time CEO since Chitra Ramkrishna quit in December.
Limaye will request the Supreme Court to relieve him from the BCCI panel once the apex court reopens after the vacation in early July, a person familiar with the matter told BloombergQuint requesting anonymity. He hopes that the application will be clubbed with a similar request from another committee member, Ramachandra Guha, on July 14, the person said.
The regulator had sought clarity about Limaye’s role at the BCCI to ensure there was no conflict of interest. Absence of a full-time CEO and the regulator’s probe into NSE’s alleged preferential access to some high-frequency traders and brokers have delayed the company’s Rs 10,000-crore initial public offering.
Only a day ago, the NSE’s board accepted the resignation of vice chairman Ravi Narain after SEBI’s show-cause notices in the investigation into its co-location service, which allows traders to place servers in the exchange building.