The Securities and Exchange Board of India (Sebi) on Friday approved the appointment of Vikram Limaye, who was managing director (MD) of IDFC Ltd, as the next MD and chief executive officer of the National Stock Exchange (NSE), subject to his resignation from the Board of Control for Cricket in India (BCCI).
Limaye is a member of a panel — headed by former CAG Vinod Rai — appointed by the Supreme Court to administer the BCCI. The conditional approval from Sebi comes four months after the board of the NSE had nominated Limaye’s name for the post, an unusually long time. The appointment had been hanging fire as the regulator was concerned over his role at BCCI.
“Sebi has approved the appointment of Vikram Limaye as the MD and CEO of the NSE, subject interalia to his being relieved from his BCCI (COA) assignment. The appointment will take effect from the date of joining,” NSE said in a statement. Limaye was selected as the managing director and CEO of the exchange by the board of NSE in February following the sudden exit of Chitra Ramkrishna in December last year. In March, shareholders of the exchange had approved the appointment.
The NSE board has already accepted its vice-chairman Ravi Narain’s resignation and is looking to settle the co-location probe with markets regulator Sebi through the consent mechanism.