The National Stock Exchange’s (NSE) managing director (MD) and chief executive officer ( CEO) Vikram Limaye has been appointed chairman of the working committee and director on the board by the international industry body–World Federation of Exchanges (WFE).

The decision was taken at the global body’s 58th general assembly and annual meeting that is currently underway in Athens, Greece, NSE said in a statement on Wednesday. The meeting began on October 2 and is scheduled to end on October 4.

This development is a welcome one for Limaye, who has been at the centre of some unflattering developments in the past few months. NSE’s IPO plans faced a hurdle due to the ongoing investigation with respect to a co-location case. Moreover, the NSE’s long-standing relationship with the Singapore Exchange has soured over the NSE objecting to the latter’s offering derivatives mirroring its indices, a move that was criticised by global index provider and researcher MSCI.

Commenting on the news of his appointment Limaye said in a statement, “As a global industry organisation, the WFE discusses virtually every aspect of the capital market: technical, commercial, legal and regulatory. I am, therefore honoured to play a leadership role for an organisation which works with standard-setters, policy makers, regulators and government organisations around the world to support and promote development of fair, transparent, stable and efficient markets."

Nandini Sukumar, CEO, WFE said: “The WFE’s [Working Committee] is the engine of the federation, and as such, drives much of our work plan and output, therefore the role of overseeing the committee is a particularly important one. We look forward to Mr Limaye’s leadership of the WoCo at this exciting time for the WFE, as we look to build our mandate and role even further as the voice of the global market infrastructure industry.”

Follow us on Facebook, Twitter & YouTube to never miss an update from Fortune India. To buy a copy, visit Amazon.