India’s biggest bourse National Stock Exchange (NSE) is looking for a new head amid accusations of governance lapses. In a newspaper advertisement, NSE stated specific requirements the candidate needs to have to fit into the bourse’s ecosystem.
Its current chief executive, Vikram Limaye, is set to end his five-year term in July. While he is eligible for an extension, he must re-apply and compete with other candidates to get the top job as per Sebi regulations.
The effort to find a new chief executive and managing director comes after the market regulator penalised former chief executive Chitra Ramkrishna, among others, following an investigation that showed she had sought advice for years from an outsider she described as a Himalayan yogi.
The Central Bureau of Investigation (CBI) has questioned former NSE CEO Chitra Ramkrishna and her adviser as part of the ongoing investigation. CBI officials have also visited market regulator SEBI’s office to collect documents related to the case.
The action is the latest sign the CBI is stepping up its investigation of a 2018 case involving allegations the NSE provided some high frequency traders unfair access to speed up algorithmic trading. The additional scrutiny risks further delaying a listing plan of NSE.
According to the advertorial, the candidate needs to have a minimum of 25 years experience with domain knowledge in various aspects of financial markets.
Further, NSE is looking for those who have held leadership roles for a minimum of 5 years, preferably as a CEO in financial services sector.
It will be an an added advantage if the candidate has worked in a public listed company or steered an organisation through an IPO process. NSE seeking IPO experience for the post of MD and CEO is interesting as the bourse is struggling to float its IPO.
The exchange’s plan to go public in 2017 was derailed by accusations that some officials provided high frequency traders unfair access to speed up algorithmic trading.
NSE has also last year sought a no-objection from the capital markets regulator to proceed to file the IPO prospectus. Plans had been stalled due to litigation on allegations of allowing preferential access to some high-frequency traders, and face a fresh blow after former CEOs Chitra Ramkrishna and Ravi Narain were fined by the watchdog last month for alleged governance issues including appointment of key personnel and sharing of confidential information with an unknown person.
Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
