NSE CEO Limaye takes charge, priortises resolving regulatory issues

Vikram Limaye

NSE CEO Limaye takes charge, priortises resolving regulatory issues

However, last month the markets regulator Sebi cleared Limaye's appointment as the head of NSE, thus ending his services at BCCI.

Vikram Limaye, who today assumed offices as the managing director and chief executive of the National Stock Exchange, said his top priority is to resolve the regulatory issues being faced by the bourse and then take forward the IPO process.

Co-location servers are placed at the site of exchanges to speed up algorithmic trading.

"The immediate priorities for me are to resolve the co-location issue with SEBI", Limaye told Reuters in an interview on Monday.

The stock exchange major at that time had said that Limaye's appointment will be subject to his being relieved from his "BCCI (COA)" assignment.

Vikram Limaye was selected by the board of NSE in February, following the exit of Chitra Ramkrishna in December past year. There have been conversations on going between NSE and SEBI.

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"The root cause of the problem would be addressed and we will discuss and report it to the finance ministry and Sebi", Limaye said.

Earlier in the day he told television channels that taking NSE public through a listing can happen only after the regulatory issues related to co-location case was resolved.

Mr.Limaye, whose appointment received regulatory approval subject to his resignation from the Committee of Administrators (CoA) of the Board of Control for Cricket in India (BCCI), also wants to enhance the robustness of controls and processes at the exchange that had a majority share in the equity segment while being nearly a monopoly in equity derivatives.

Limaye is the first chief executive to come from outside the exchange's founding team since it was set up in 1992.

"It is also important for the NSE to improve stakeholder relationships, which means relationship with the government, the regulator, the clients, the media and certainly the employees", Limaye said. "So, I firmly believe even the co-location issue could have been managed a lot better".

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