new Delhi: Vikram Limaye, the current Managing Director (MD) and Chief Executive Officer (CEO) of the National Stock Exchange (NSE), said on Wednesday that he would not seek a second term at the stock exchange.
In a statement reported by PTI, Limaye said, “I have informed the board that I am not interested in moving on to the second term and therefore I am not applying and not participating in the process. My term ends on July 16, 2022.
The NSE chief said, “I have tried my best to lead the organization through very difficult periods and to stabilize, strengthen and transform NSE. We have come a long way in terms of control, governance, technology, regulatory effectiveness and business is development.”
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Recently, NSE has invited applications from candidates for the post of MD & CEO.
As per the guidelines of market regulator SEBI, Limaye is eligible for one more term, however, the incumbent candidates need 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 Ramakrishna, is credited with re-branding the NSE, besides seeing tremendous growth in his leadership in trading in derivatives. Prior to joining NSE, Limaye was the MD & CEO of IDFC.
As per the eligibility criteria of NSE notice, the candidate should have a good track record of strengthening Corporate Governance, Enterprise Risk Management and Compliance Management framework. In addition, candidates working in a publicly listed firm or leading an organization through an initial public offering process “will have an added advantage”, it added.
After the deadline, candidates will be shortlisted by the company’s nomination and remuneration committee.
A selection committee constituted by NSE, consisting of NRC members and independent external members, will recommend candidates to the board, which will send the names to SEBI for final approval.