S Ramadorai, vice-chairman of Tata Consultancy Services (TCS), is set to become non-executive chairman of the Bombay Stock Exchange (BSE) following the exit of Jagdish Capoor last week on health grounds.Ramadorai will join BSE board tomorrow (Monday) and assume the role of chairman later.
It is likely that board member Ishaat Hussain may resign. Hussain is also the director of Tata Sons, the Tata Group holding company. When contacted, Hussain declined to comment on the issue.
“I'm not liable to speak to anyone regarding BSE. If I have to say any thing, I’ll talk to the BSE board,” he said. Ramadorai, who became the TCS CEO in September 1996, played an integral role in development of the company.
He helped the company to become the world’s largest global software services firm, with revenues of over $6 billion, before retiring in 2009.
According to industry players, the appointment of Ramadorai, a pioneer of the IT Industry in India, will not only revive BSE’s image but the exchange will also be able to capitalise on his experience in terms of technology.
BSE has been striving hard to enter into the exchange technology space, where the National Stock Exchange is fighting the Jignesh Shah-promoted Financial Technologies to gain larger market share. BSE could also witness election for the post of yet another trading member director.