Mumbai: Amidst all the controversies Chitra RamakrishnaFormer MD of the country’s largest stock exchange NSE, its office bearers MD Vikram Limaye has informed its board that it will not seek a second term after its five-year term ends in mid-July.
Last week as per SEBI regulations, NSE came out with an advertisement seeking an MD Limaye Eligible for a second term.
In December 2016, after Ramakrishna was forced to leave NSE due to several governance issues, Limaye was brought in to clean up the mess left behind. boursepast management. Before joining NSE in mid-2017, Limaye, a CA and MBA by training, was a member of the Supreme Court-appointed panel of experts tasked with reshaping India’s cricket board.
Limaye confirmed to TOI that he had spoken to the board members on July 16 this year to communicate his decision to continue as MD of NSE.
“I have informed the board that I am not interested for a second term and hence I am not applying and not participating in the process,” he told TOI. “I have tried my best to lead the organization through very difficult times and to stabilize, strengthen and transform NSE. We have come a long way in terms of control, governance, technology, regulatory effectiveness and business growth.” Limaye also thanked all NSE stakeholders, regulators and the government for the support extended to him since joining NSE. expressed.
During Limaye’s tenure at NSE, for three consecutive years starting in 2019, it was the largest derivatives exchange in the world. Moreover, its international branch at GIFT City in Gujarat this month became the first market to start trading and settlement of US-listed stocks such as Apple, Alphabet, Amazon, among others. Microsoft, meta platform, Tesla and others.
During the last four and a half years, NSE has increased its dominance in almost all its current trading segments. It now has a market share of 92% in the cash segment, up from 85% in FY17, while it has captured the entire market in the equity futures and options segment. Its market share in the currency futures segment has increased from 54% in FY17 to 71%, while in currency options it now holds 75% market share, up from 63%, data from the exchange showed.
The expanded market share across different segments is also reflected in its consolidated revenues and profits. From a total revenue of Rs 2,681 crore in FY17, it earned Rs 6,494 crore in the nine months ended December 2021. Also NSE’s net profit during the nine months of the current financial year stood at Rs 3,533 crore as against Rs 1,291 crore during FY17.
NSE shareholders TOI said that the management under Limaye has improved the functioning of the exchange on various fronts, including openness to interactions with stakeholders, governance, technology and business development.
One important issue that still remains to be addressed is the listing of the exchange. Due to several chronic issues related to co-location and accessibility of brokers’ servers on NSE’s premises, appointment of people with questionable experience and antecedents, sloppy control structures and reluctance to communicate openly with the regulators, NSE has become a regulator. Failed to get approval. for its IPO. Though NSE had filed a draft offer document for its IPO in December 2016 and had tried to revive it several times over the past five years, various investigations prevented it from taking it forward.
Last week as per SEBI regulations, NSE came out with an advertisement seeking an MD Limaye Eligible for a second term.
In December 2016, after Ramakrishna was forced to leave NSE due to several governance issues, Limaye was brought in to clean up the mess left behind. boursepast management. Before joining NSE in mid-2017, Limaye, a CA and MBA by training, was a member of the Supreme Court-appointed panel of experts tasked with reshaping India’s cricket board.
Limaye confirmed to TOI that he had spoken to the board members on July 16 this year to communicate his decision to continue as MD of NSE.
“I have informed the board that I am not interested for a second term and hence I am not applying and not participating in the process,” he told TOI. “I have tried my best to lead the organization through very difficult times and to stabilize, strengthen and transform NSE. We have come a long way in terms of control, governance, technology, regulatory effectiveness and business growth.” Limaye also thanked all NSE stakeholders, regulators and the government for the support extended to him since joining NSE. expressed.
During Limaye’s tenure at NSE, for three consecutive years starting in 2019, it was the largest derivatives exchange in the world. Moreover, its international branch at GIFT City in Gujarat this month became the first market to start trading and settlement of US-listed stocks such as Apple, Alphabet, Amazon, among others. Microsoft, meta platform, Tesla and others.
During the last four and a half years, NSE has increased its dominance in almost all its current trading segments. It now has a market share of 92% in the cash segment, up from 85% in FY17, while it has captured the entire market in the equity futures and options segment. Its market share in the currency futures segment has increased from 54% in FY17 to 71%, while in currency options it now holds 75% market share, up from 63%, data from the exchange showed.
The expanded market share across different segments is also reflected in its consolidated revenues and profits. From a total revenue of Rs 2,681 crore in FY17, it earned Rs 6,494 crore in the nine months ended December 2021. Also NSE’s net profit during the nine months of the current financial year stood at Rs 3,533 crore as against Rs 1,291 crore during FY17.
NSE shareholders TOI said that the management under Limaye has improved the functioning of the exchange on various fronts, including openness to interactions with stakeholders, governance, technology and business development.
One important issue that still remains to be addressed is the listing of the exchange. Due to several chronic issues related to co-location and accessibility of brokers’ servers on NSE’s premises, appointment of people with questionable experience and antecedents, sloppy control structures and reluctance to communicate openly with the regulators, NSE has become a regulator. Failed to get approval. for its IPO. Though NSE had filed a draft offer document for its IPO in December 2016 and had tried to revive it several times over the past five years, various investigations prevented it from taking it forward.