NSE starts hunt for a new chief

The National Stock Exchange (NSE), which is the country’s largest bourse in terms of market share and trading volume, has begun the search for a new MD & CEO as the term of incumbent Vikram Limaye ends in July. 

The exchange has outsourced the search to global organisational consultancy firm Korn Ferry, as per an advertisement issued on Friday. 

The development assumes significance as the exchange is probably going through its most difficult phase with investigative and regulatory bodies probing alleged wrongdoings at the bourse. 

Last month, the Securities and Exchange Board of India (SEBI) issued a 190-pages order against the bourse, penalising the exchange and its former honchos Ravi Narain and Chitra Ramkrishna along with an individual named Anand Subramanian – who has been arrested by the CBI post the SEBI order. 

The capital markets regulator has also barred the exchange from launching any new products for a period of six months. 

Meanwhile, the bourse is searching for a person with at least 25 years of experience in the capital markets with a minimum five years of experience at a leadership level, preferably as a CEO in the financial services sector. 

Interestingly, one of the requirements mentioned in the advertisement is that the candidate should have a “track record of strengthening Corporate Governance, Enterprise Risk Management and compliance management framework”. 

It also stated that experience in working with a listed company or having taken an organisation through the IPO route would be an added advantage. While NSE has been trying for long to go public, regulatory probes related to the colocation scam has put a spanner in its plans. 

Applications for the vacancy have been invited until March 25 and the candidates should be less than 60 years as on June 30. 

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