BSE on the hunt for a COO now

Soon after completing a long-drawn search for a new chief executive officer (CEO) and executive director, the Bombay Stock Exchange (BSE) is now hunting for a new chief operating officer (COO) to replace incumbent Rajnikant Patel. Patel was selected as the CEO of the bourse.

Exchange sources said the new COO will be selected soon and that applications already lying with them for the post of CEO may be dug up again, besides approaching head hunters. In case this does not work out, the exchange may consider putting out 'job vacant' advertisements in newspapers.

Patel is said to be holding dual posts (COO as well as CEO) till a new COO is appointed, but BSE officials were unavailable for confirmation.

Sources said the BSE had received more than 100 applications for the post of managing director and CEO and there were talks that senior BSE officials, including certain directors handling important portfolios, having applied for the post.

The other senior BSE officials may now be in the running for the post of COO, they added.

But this time the process may not be as lengthy as the candidate will be selected by the BSE governing board. For the post of CEO and ED, a special committee had been set up for the selection. The BSE spokesperson refused to confirm or comment on the issue.

The BSE is the oldest stock exchange in the country but has faced intense pressure from a much younger National Stock Exchange. Market players said the new CEO and his team will have their hands full and will be under pressure to revitalise the bourse's fortunes.