BSE gets a CEO after 8 months

The exchange has been the centre of Indian financial markets since 1875 and I look forward to ensure that BSE continues to build on its brand,history,and market position to create value for stakeholders and the financial system, Kannan said.

According to exchange sources,three others,including BSE8217;s chief operating officer ML Soneji,were also in the race for the top BSE post that fell vacant after Rajnikant Patel quit as the MD and CEO in August last year. On June 19,2008,two BSE directors Shekhar Datta and Jamshyd Godrej also quit without assigning any reasons.

For the BSE,the appointment of Kannan has come at a crucial time. Besides NSE,the BSE will have to tackle two more stock exchanges MCX Stock Exchange and the United Stock Exchange of India. NSE which was set up 15 years ago had gradually eaten into the market share of the BSE. The BSE was unable to make any impact in the currency derivative segment also. Competition will intensify if MCX gets approval to set up a stock exchange. The BSE8217;s share in the derivative segment is also negligible. Kannan will have to pull up the socks and bring the lost glory of the BSE, said a former BSE board member.

Kannan joins BSE at a time when the exchange business has assumed global dimensions and his experience and international perspective will bring in a lot of value to BSE, BSE chairman Jagdish Capoor said. I am honoured and excited to have the opportunity to lead the BSE in the new global financial era, Kannan said.

Kannan has completed his MSc Hons in economics from BITS,Pilani,and an MBA in finance from Vanderbilt University,USA.