New Delhi: The current Managing Director (MD) and Chief Executive Officer (CEO) of the National Stock Exchange (NSE) Vikram Limaye on Wednesday said that he will not seek a second term at the stock exchange.
In a statement, reported by the PTI, Limaye said, “I have informed the board that I am not interested in pursuing a second term and will therefore not be applying and participating in the process that is underway. My tenor ends on July 16, 2022.”
The NSE chief said, “I have done my best to lead the organisation in a very difficult period and to stabilise, strengthen, and transform NSE. We have come a long way in terms of controls, governance, technology, regulatory effectiveness, and business growth.”
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Recently, NSE invited applications from candidates for the position of MD and CEO.
According to market regulator Sebi’s guidelines, Limaye is eligible for another term, however, the incumbent needs to compete with other candidates to win the next term.
Limaye, who was appointed in July 2017 following the exit of former NSE chief Chitra Ramkrishna, is credited with re-branding NSE, besides trading in derivatives witnessed tremendous growth under his leadership. Before joining the NSE, Limaye was MD and CEO of IDFC.
According to the eligibility criteria of the NSE’s notice, the candidate must have a sound track record of strengthening corporate governance, enterprise risk management, and compliance management framework. In addition, the candidates with an exposure to working in a publicly listed firm or having led an organisation through an initial public offering process “will be an added advantage”, it added.
After the deadline, the candidates will be shortlisted by the nominations and remuneration committee of the company.
A selection committee set up by NSE, comprising NRC members and the independent external members, will recommend candidates to the board, which will then send the name to Sebi for final approval.