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The board of directors of India’s largest bourse NSE has selected Vikram Limaye as its MD & CEO, sources have confirmed. However, formalities are to be completed at IDFC’s end, besides receiving approval from SEBI and the NSE AGM, the sources said. Currently, Vikram Limaye is the MD & CEO of IDFC.
A move prior to IPO Limaye is a Chartered Accountant and an MBA from Wharton School. He has over 25 years of experience working with global investment banks, international commercial banks and global accounting firms.
The appointment assumes significance as the exchange had filed its draft red herring prospectus (DRHP) in the last week of December for a public listing of its shares on rival BSE. And appointment of an MD & CEO was a must before embarking on roadshows, both in India and abroad to market the IPO (after receiving SEBI’s clearance of its DRHP).
Commenting on the appointment, Arun Kejriwal, Founder KRIS Research, said, “It is a blow to IDFC simply because the company is just about getting its act together after the demerger of IDFC Bank. The NSE now has a non-controversial face as its MD & CEO and one hopes he would bring transparency to the exchange in the process of going through an IPO.”
On December 19, about three weeks after the then MD & CEO Chitra Ramkrishna quit, NSE had advertised for the position seeking applications till January 11, 2017 and hired executive search firm Egon Zehnder International for this purpose.
The applications were shortlisted by a search committee headed by Dinesh Kanabar, Chairman of the Nomination Committee and Public Interest Director, NSE; Anand Mahindra, Chairman, Mahindra Group; Usha Thorat, former Deputy Governor, RBI, and TV Mohandas Pai, Public Interest Director, NSE.
The Nomination and Remuneration Committee of NSE consisting of Dinesh Kanabar (Chairman of the Committee), Ashok Chawla, Chairman, NSE; Ravi Narain, Vice-Chairman, NSE; and TV Mohandas Pai along with the NSE board, on receiving the recommendation on Limaye’s candidature, selected him.
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