NSE CEO Vikram Limaye hangs back in successor selection

The National Stock Exchange (NSE) on Wednesday said its current chief executive Vikram Limaye is not involved in the selection process to appoint a new managing director and CEO of India's largest bourse.

"Mr. Vikram Limaye recused himself from the very beginning and was not involved in any way in the discussions surrounding candidates or at any stage in the process of selection of new MD & CEO," the world's largest derivatives exchange by volume tweeted.

The five-year term of NSE's current chief executive, Vikram Limaye, ends in July.

The bourse had in March invited applications for a new managing director and chief executive officer after it faced allegations of governance lapses under its former MD & CEO Chitra Ramkrishna.

In a newspaper advertisement, the NSE specified that the candidates must have over 25 years of work experience and a "track record of strengthening corporate governance".

The new CEO is also expected to steer the exchange's plan to launch an initial public offering (IPO). "Exposure to operating in a publicly listed company or having led an organization through an 'Initial Public Offering' process will be an advantage," read the job description. SEBI, however, has yet to give its nod to NSE to go public.

Apart from domain knowledge in various aspects of financial markets, candidates must have a minimum experience of five years in a leadership role, preferably as a CEO in the financial services sector, the post mentioned.

Candidates should be less than 60 years old as of June 30, 2022. They also need to fulfil the eligibility requirements under the Companies Act, 2013 and SEBI regulations.

Following the Chitra fiasco, the exchange is seeking applications from candidates with "highest ethical standards" having a track record of "enterprise risk management".

India's market regulator, the Securities and Exchange Board of India (SEBI), imposed penalties on Chitra Ramkrishna among others for taking executive decisions under the guidance of an alleged Yogi.

Ramkrishna was accused of appointing Anand Subramanian as chief strategic advisor, without following any HR procedures; awarding him with stupendous salaries worth crores; and not complying with regulatory norms while conferring him with disproportionate official powers.

Meanwhile, BSE Ltd too is looking for a new managing director and chief executive officer. In a newspaper advertisement in March, the oldest stock exchange in Asia said that it is looking for a seasoned professional with minimum 20 years experience, of which at least five years should have been in a senior leadership position. The tenure of BSE's current CEO Ashishkumar Chauhan will come to an end on November 17, 2022.