Sundararaman Ramamurthy took over as the managing director (MD) and chief executive officer (CEO) of India’s leading stock exchange, BSE, on Wednesday. The exchange in a release said, “Sundararaman Ramamurthy has assumed charge as Managing Director and Chief Executive Officer of the BSE.” It added that the appointment is subject to acceptance of the offer made to Ramamurthy and fulfillment of terms and conditions.
Last year, BSE appointed Ramamurthy as MD and CEO for a tenure of five years. In a regulatory filing last year, BSE said that markets regulator Sebi has approved the appointment of Ramamurthy as its Managing Director and Chief Executive Officer.
Sundararaman Ramamurthy’s appointment is subject to the consent of shareholders. The exchange will seek approval from the shareholders through a postal ballot on January 16.
“As informed earlier, his appointment is subject to ratification by the shareholders. The company has initiated the process for seeking Shareholders ratification through Postal Ballot mechanism and the e-Voting for the same will be ending on Monday, January 16, 2023 (05.00 p.m. IST),” BSE had said in its regulatory filing on December 30.
The post has been vacant since July, when the previous MD and CEO, Ashishkumar Chauhan, resigned to join the National Stock Exchange (NSE). In late July, he was named MD and CEO of NSE.
As for Sundararaman Ramamurthy, he has been a veteran of the stock market. Previously, he served as a senior member of the National Stock Exchange (NSE). He worked there for 19 years in various capacities, such as senior vice-president at subsidiary NSE Clearing and senior vice-president and chief of new product and business excellence at subsidiaries NSE Data & Analytics among other roles.
Ramamurthy has more than three decades of experience. After NSE he took up the position of MD and COO at the Indian arm of Bank of America. He worked there for eight years. His responsibilities included global governance and control of the banking entity in India and the securities segment. He was also a part of various Leadership forums at Bank of America.
Ramamurthy has also worked at the IDBI Bank, SBI Bank, and Indian Overseas Bank.