Vikram Limaye, whose five-year term ended on July 16, did not seek another tenure at the National Stock Exchange (NSE) despite being eligible for it.
The Securities and Exchange Board of India (SEBI) has appointed Ashish Kumar Chauhan as the replacement of outgoing Managing Director and CEO Vikram Limaye of the National Stock Exchange (NSE). Limaye’s term at NSE ended on July 16.
Ashish Kumar Chauhan is the current MD & CEO of the Bombay Stock Exchange (BSE).
#CNBCTV18 Newsbreak confirmed, AshishKumar Chahuan (@ashishchauhan) appointed as the next MD & CEO of NSE (@NSEIndia) @YashJain88 https://t.co/Or4lxkQxes— CNBC-TV18 (@CNBCTV18Live) July 17, 2022
The governing body of the NSE has formed an internal executive committee to run the affairs of the company till the new MD & CEO take charge.
The committee comprises of Yatrik Wing – Group CFO and Head Corporate Affairs, Priya Subramaniam – Chief Regulatory officer, Somasundaram KS – Chief enterprise risk and information security officer and Shiv Bhasin – Chief technology and operations officer.
The committee will be dissolved once the new MD& CEO assumes office.
A formal announcement will be made on July 18, people in the know of the development told CNBC-TV18.
Vikram Limaye on July 16 said he has done his best to lead the exchange in a very “difficult period” and to stabilize and strengthen the bourse.
Limaye, whose five-year term ended on July 16, did not seek another tenure at the NSE despite being eligible for it.
The end of Limaye’s five-year term as the NSE chief comes amid the NSE facing the regulatory probe in a case pertaining to governance lapses at the bourse as well as in the co-location matter.
Limaye was appointed as the NSE chief in July 2017, following the exit of the exchange’s former MD and CEO Chitra Ramkrishna.
During Limaye’s tenure, the exchange’s revenues surged from Rs 2,681 crore in FY17 to Rs 8,500 crore in FY22 and net profit climbed from Rs 1,219 crore to Rs 4,400 crore during the same period. Further, the company’s return on equity increased from 17 percent to 34 percent during the period under review.