New Delhi: The Security and Exchange Board of India might have approved the appointment of Vikram Limaye as the new managing director and CEO of the National Stock Exchange (NSE), but it comes with a rider. Limaye needs to quit from his position in the Supreme Court-appointed Committee of Administrators. And the Supreme Court will be approached once it re-opens after the Summer break.
Based on the press release from SEBI, the appointment of Limaye as the MD and CEO of the National Stock Exchange of India limited will be subject to him being relieved from his BCCI assignment. The Supreme Court will be approached in July when it reopens from vacation to relieve him from his duties in the BCCI COA.
Chitra Ramkrishna's sudden exit has seen NSE elect Limaye for the coveted post. "SEBI has approved the appointment of Vikram Limaye as the MD and CEO of the National Stock Exchange of India limited, subject interalia to his being relieved from his BCCI (COA) assignment. The appointment will take effect from the date of joining," the exchange said in a press statement.
Even though the NSE board had selected Limaye in February as the new chief and the shareholders had approved his appointment in March, SEBI wasn’t too sure of the decision as they were concerned over his role in the BCCI and whether he would have been able to give his full commitment towards NSE.
Historian Ramachandra Guha has already resigned from the BCCI COA due to his differences with the members on certain issues and if Limaye follows suit due to his appointment as MD and CEO of NSE, it will leave only Rai and former woman cricketer Diana Edulji in the SC-appointed panel.