Current CEO Vikram Limaye not part of new CEO selection process, says NSE
The National Stock Exchange (NSE) said its current managing director (MD) and managing director (CEO) Vikram Limaye was not involved in the process of selecting his successor.
In a tweet, the exchange said, “Mr. Vikram Limaye recused himself from the start and was not involved in any way in the discussions surrounding the candidates or at any stage of the process of selecting the new MD & CEO.
Mr. Vikram Limaye recused himself from the outset and was not involved in any way in the discussions surrounding the candidates or at any stage of the process of selecting the new MD & CEO. @PMOIndia @Narendra Modi @SEBI_India— NSE India (@NSEIndia) May 10, 2022
NSE’s tweet was in response to another tweet which read, “Current NSE CEO Vikram Limaye has strongly opposed the current BSE CEO being on the shortlist due to personal rivalries.”
Sources said the NSE board has submitted the names of the shortlisted candidates to the Securities and Exchange Board of India (Sebi). The market regulator should soon decide on the replacement of Limaye.
Names submitted to Sebi could not be verified. Knowledgeable people said people from the stock market, regulators, mutual funds, brokerage and investment banking had expressed interest. In March, NSE launched a call for applications for the position of MD & CEO. Consulting firm Korn Ferry has been hired to oversee the appointment process at NSE. However, the candidates have been shortlisted by the Nomination and Remuneration Committee (NRC) of the scholarship.
Limaye’s tenure at NSE ends on July 16. He was eligible for another five-year term but decided to step down.
In 2017, Sebi introduced new rules that require the CEO of a Market Infrastructure Institution (MII) to re-submit to a nomination process for a second term. In other words, the incumbent must compete with new candidates to be reappointed. In addition, the Managing Director and Chief Executive Officer is now entitled to a maximum of two terms of five years each.
Rival exchange ESB has also begun a search for a new managing director and CEO. The second five-year term of its current managing director and CEO, Ashish Chauhan, ends in November 2022. BSE has appointed Egon Zehnder to oversee the appointment process.