Leading stock exchange NSE today received shareholders' approval for the appointment Vikram Limaye as its Managing Director and CEO.
Limaye, who is currently serving as chief of IDFC, was selected by the board of National Stock Exchange (NSE) in February.
He would be taking over the reins of the bourse following the sudden exit of Chitra Ramkrishna in December last year. Limaye's appointment is subject to approval of the Securities and Exchange Board of India (Sebi).
"We have received shareholders' approval for the appointment of Limaye as new Managing Director and CEO of NSE," the exchange said.
NSE said shareholders at its EGM today approved Limaye's appointment and remuneration for a period of five years, effective from the date he assumes office as MD and CEO, after receipt of approval from Sebi.
This comes at a time when the exchange is preparing to launch its IPO, estimated to be worth over Rs 10,000 crore.
The bourse is also facing regulatory scrutiny over alleged preferential access to some entities for co-location and algo trade facilities.
Last month, NSE's board decided to appoint Limaye as MD and CEO for a period of five years.
Limaye, who joined IDFC in 2005, has over 25 years of experience of working with financial institutions, global investment banks, international commercial banks and global accounting firms.
The approval of NSE board, chaired by Ashok Chawla, came after a four-member search panel recommended Limaye's name from among the shortlisted candidates.
Incidentally, Limaye was recently named in a four-member panel appointed by the Supreme Court to administer cricket body BCCI.
Limaye started his professional career with Arthur Andersen in Mumbai in 1987 and has also worked with Ernst & Young and Citibank. He has worked at Wall Street for eight years with Credit Suisse First Boston before returning to Mumbai in 2004.
He has contributed to various committees of government and industry associations on a range of topics on infrastructure, economic policy, markets and trade.
A commerce graduate, Limaye has an MBA in Finance and Multinational Management from the Wharton School of the University of Pennsylvania.
Former CEO Ramkrishna's tenure was originally scheduled to end in March 2018. She had risen through the ranks to head the exchange and was part of the team that set up NSE in 1992. She was also one of the few women executives at the helm of a leading exchange globally.
She took charge as managing director and CEO in April 2013 when she succeeded Ravi Narain, who was also part of the first leadership team of the exchange.
NSE began operations in 1994 and is a leading stock exchange in India.
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