The Hindu Business Line : ‘Corporatisation of BSE was challenging’

Kolkata, Aug 9 It was a satisfying and challenging task to bring the 130-year old Bombay Stock Exchange (BSE) back to the days of old glory, said Mr Rajnikant Patel, a day after resigning from the post of Chief Executive Officer and Managing Director of BSE.

“You should know when to give up and pass on the baton,” he said talking to reporters on the sidelines of the Mutual Fund Summit organised by the Indian Chamber of Commerce here on Saturday.

Speaking about the challenges, he said demutualisation and corporatisation were the most difficult tasks in his whole tenure.

On the proposed listing of the exchange, Mr Patel said: “The plan is on track though it might take some time in absence of a regulatory timeline pressure. However, we would have ideally preferred the listing without an IPO.”

Commenting on the obstacles he had faced in transforming the organisational structure of BSE, he said, “Every body has to accept the new vision and reality of any paradigm shift. All transformations are slow since it involves changing people’s mindset. If you try to bring tsunami into an organisation, you have a risk of destroying it.” Mr Patel, however, did not comment on his future assignment.

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‘Corporatisation of BSE was challenging’