INSUBCONTINENT EXCLUSIVE:
Vikram Limaye was appointed in July 2017 following the exit of Chitra Ramkrishna.New Delhi: NSE Managing Director and CEO Vikram Limaye on
Wednesday said he will not seek a second term at the stock exchange."I have informed the board that I am not interested in pursuing a second
term and will therefore not be applying and participating in the process that is underway
My tenor ends on July 16, 2022," Limaye said in a statement.The exchange's chief said, "I have done my best to lead the organisation in a
very difficult period and to stabilise, strengthen and transform the NSE
We have come a long way in terms of controls, governance, technology, regulatory effectiveness and business growth." The National Stock
Exchange (NSE) recently invited applications from candidates for the role of MD and CEO.Limaye is eligible for another term but as per
markets regulator Sebi's rule, incumbent needs to compete with other candidates to win the next term.He was appointed in July 2017 following
the exit of former NSE chief Chitra Ramkrishna.The current chief, Limaye, is credited with re-branding the NSE, besides trading in
derivatives witnessed tremendous growth under his leadership
Before joining the NSE, Limaye was MD and CEO of IDFC.Listing out eligibility criteria, the NSE's notice stated that the candidate must have
a track record of strengthening corporate governance, enterprise risk management and compliance management framework.In addition, the
candidates with exposure to working in a publicly listed company or having led an organisation through an initial public offering process
"will be an added advantage", it added.Following the deadline, the candidates will be short-listed by the nominations and remuneration
committee of the company.A selection committee set up by the NSE, comprising NRC members and the independent external members, will
recommend candidates to the board, which will then send the name to Sebi for final approval.The NSE is facing the regulatory probe in a case
pertaining to governance lapses at the bourse as well as in the co-location matter, where certain brokers were allegedly given unfair access
to exchange data feeds over other members.In a recent order, the regulator has penalised the NSE's former MDs and CEOs, Ramkrishna and
Ravi Narain, and others for various violations in a case related to the appointment of Anand Subramanian as group operating officer and
advisor to then MD Ramkrishna.The regulator in its order revealed that Ramkrishna was steered by a "yogi" dwelling in the Himalayan ranges
in the appointment of Subramanian as the exchange's group operating officer and advisor to MD.The "yogi", according to Ramkrishna, was a
"spiritual force that could manifest itself anywhere it wanted and did not have any physical or locational coordinates and largely dwelt in
