SEBI Clears Vikram Limaye for the post of NSE Chief

SEBI has granted conditional approval for the appointment of Vikram Limaye as the MD and CEO of the NSE.
In February 2017, Limaye who is MD and CEO of infrastructure financing company IDFC was selected for the post of NSE chief. However, SEBI had not cleared his appointment as he was also present in the Supreme Court appointed four-member panel managing the affairs of the Board of Control for Cricket in India (BCCI).
Now, the SEBI has cleared the appointment of Limaye subject to the condition that he relieves himself from his BCCI assignment, among other things. Limaye’s term with the BCCI ends in August this year.
The NSE has already assured SEBI that Limaye will not seek an extension on his BCCI assignment. Limaye is expected to take charge of NSE at a time the exchange is facing challenges in multiple fronts. NSE has been functioning headless for the past six months. In addition, the vice chairman and founding member of the NSE Ravi Narain resigned from the board as the SEBI investigation in the algorithmic trading platform issue picked up. SEBI has also issued show cause notices to 14 directors of the exchange for their failure to maintain market sanctity.
NSE plans for an initial public offering in the second half of this year.

Background

Vikram Limaye was selected as the Managing Director of the National Stock Exchange (NSE) after Chitra Ramakrishna had quit the exchange in December 2016 citing personal reasons.
Vikram Limaye is chartered accountant with an MBA from The Wharton School. Earlier, Mr Limaye was also named a member of a four-member panel by the Supreme Court to run the Board of Control for Cricket in India (BCCI), the apex cricket management body in the country.

Month: Current Affairs - June, 2017