PS Reddy may head NSDL

PALAK SHAH Mumbai | Updated on May 05, 2021

PS Reddy   -  KSL

Current chief of commodity bourse MCX under consideration for MD and CEO post at the depository

PS Reddy, the current MD and CEO of commodity bourse MCX, is under consideration for the post of MD and CEO at NSDL, sources told BusinessLine.

In March, the nomination and remuneration committee (NRC) of NSDL, after a slew of interviews, had recommended the names of Priya Subbaraman, the chief regulator officer of the National Stock Exchange (NSE) and Sanjeev Kaushik, 1992 batch IAS officer and additional secretary in the Ministry of Finance for the top post at NSDL.

However, SEBI had sought more names, the sources said. Earlier, Kaushik was found fit by SEBI to work as a whole time member with the regulator in 2018.

CDSL experience

Reddy took charge at MCX in February 2019 after SEBI gave approval to his appointment there. Reddy is being considered as one of the candidates for heading NSDL, as before joining the depository he was working with CDSL and has experience of working with a large depository.

But the only hurdle that SEBI could face in appointing Reddy at NSDL is that the regulator itself had asked CDSL to take action against him for lax corporate governance. In a letter dated September 11, 2019 SEBI had asked CDSL to withhold Reddy’s variable pay for financial year 2018-19 and asked the CDSL Board to initiate appropriate action against him.

At MCX, Reddy had replaced Mrugank Paranjape.

Published on May 05, 2021

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