India’s largest exchange National Stock Exchange (NSE) is looking for a new head amid allegations of governance lapse. In a newspaper advertisement, NSE explained the specific requirements that the candidate needs to fit into the ecosystem of the exchange.
Its current chief executive, Vikram Limaye, is set to end his five-year term in July.
The effort to find a new chief executive and managing director comes after the markets regulator penalized former chief executive officer Chitra Ramakrishna after an investigation revealed he had sought advice for years from an outsider whom he called Himalayan Yogi told.
The Central Bureau of Investigation (CBI) has questioned former NSE CEO Chitra Ramakrishna and his advisor as part of the ongoing probe. CBI officials have also visited markets regulator SEBI’s office to collect documents related to the case.
The action is the latest sign that the CBI is moving forward the investigation of a 2018 case involving allegations that the NSE has given undue access to certain high frequency traders to speed up algorithmic trading. Additional scrutiny risks further delaying NSE’s listing plan.
As per the advertisement, the candidate should have minimum 25 years of experience with domain knowledge in various aspects of financial markets.
In addition, NSE is looking for people who have held leadership roles for at least 5 years, preferably as CEOs in the financial services sector.
This will be an added advantage if the candidate has worked in a public listed company or has run an organization through the IPO process. It is interesting to take the IPO experience for the post of NSE MD & CEO as the exchange is struggling to bring its IPO.
The exchange’s plans to go public in 2017 were derailed by allegations that some authorities had given high-frequency traders unfair access to speed up algorithmic trading.
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