Capital market regulator SEBI has given conditional approval for the appointment of Vikram Limaye as the MD and CEO of the NSE.

In February, Limaye, MD and CEO of infrastructure financing company IDFC, was selected to head NSE after its incumbent chief Chitra Ramakrishna put in her papers in December.

SEBI had delayed clearing his appointment as he was also part of the four-member Supreme Court-appointed panel managing the affairs of the Board of Control for Cricket in India. His term with the BCCI ends in August.

In a statement, the NSE said SEBI has approved the appointment of Vikram Limaye as MD and CEO of the National Stock Exchange of India, subject, to his being relieved from his BCCI assignment, among other things. The appointment will take effect from the date of joining, it added.

The exchange had earlier assured the market regulator that Limaye will not seek an extension on his BCCI assignment and recuse himself if the apex court extends his tenure. He is expected to take charge at the exchange when it is facing multiple challenges. The exchange has been headless for the last six months.

Last month SEBI had issued show cause notices to 14 directors of the exchange, stating that they failed in their fiduciary responsibility to maintain market sanctity by allowing unfair access to some brokers on NSE’s co-location platform.

Earlier this month, vice-chairman Ravi Narain, a founding member of the exchange, resigned from the board as the SEBI investigation in the algorithmic trading platform issue picked up.

The exchange is also preparing for an initial public offering in the second half of this year.

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