NSE chief appointment: ‘Sebi to soon take a call’

“We had sought additional information on the issue and we have received the information only three days ago. So now we will decide on it soon in the next few days," said Tyagi.

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The Securities and Exchange Board of India (Sebi). (File Photo)

Sebi Chairman Ajay Tyagi on Wednesday said that the regulator will decide on the appointment of Vikram Limaye as the new chief executive and managing director of NSE in the next few days as the bourse has responded to certain queries raised by Sebi.

“We had sought additional information on the issue and we have received the information only three days ago. So now we will decide on it soon in the next few days,” said Tyagi.

Limaye was selected on February 3 to head NSE. While the shareholders of NSE have approved Limaye’s appointment, Sebi is yet to approve it. If the capital market regulator approves the appointment, Limaye will become the first outside hire to head the exchange.

Limaye has also been named in a four-member panel appointed by the Supreme Court for administering cricket body Board of Control for Cricket in India (BCCI). Tyagi also said the IPO of NSE will be delayed as Sebi has decided to clear it only after the issue of co-location and high frequency trading involving NSE is sorted out.

Limaye will succeed Chitra Ramkrishna, who left NSE owing to personal reasons on December 2 , 2016, a little more than a year before her tenure was to end. Ramkrishna’s resignation came against the backdrop of the exchange management’s feud with foreign shareholders over the listing of the NSE and allegations that the exchange had provided unfair access to market data and trading systems in high frequency trading — or algorithmic trading — which exchange officials have long denied. Algorithmic trading refers to the use of electronic systems to execute orders in less than a second.