NSE begins hunt for MD, CEO, invites applications

Leading stock exchange NSE, which is facing allegations of governance lapses, has started the hunt for a new managing director and chief executive officer as the five-year tenure of incumbent chief Vikram Limaye is ending in July.

The exchange has invited applications from candidates having IPO (initial public offering) experience for the role of the top post before March 25, according to a public notice issued on Friday.

Mr. Limaye is eligible for another term. However, as per SEBI’s rule, the incumbent needs to compete with other candidates to win the next term.

He was appointed as the NSE chief in July 2017, following the exit of the exchange’s former MD and CEO Chitra Ramkrishna. Among various allegations, issues have been raised in various quarters that why application was not invited at the time when Ms. Ramkrishna was appointed as the MD and CEO in 2013.

Mr. Limaye is credited with rebranding of the NSE. Trading in derivatives witnessed tremendous growth under his leadership. However, the bourse also suffered an outage last year due to technical glitches.

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.