India's National Stock Exchange names IDFC's Vikram Limaye as CEO (updated)

IDFC

08/02/2017 05:14

(Adds details, background) 
    MUMBAI, Feb 8 (Reuters) - India's National Stock Exchange 
(NSE) named Vikram Limaye, the CEO of infrastructure lender IDFC 
Ltd  IDFC.NS , as its new chief executive as the country's 
largest bourse gears up for a much-awaited initial public 
offering this year. 
    The appointment will have to be approved by market regulator 
Securities and Exchange Board of India (SEBI), IDFC said in a 
statement on Wednesday. 
    The 50-year old finance industry veteran faces a busy 
schedule as NSE has filed for an IPO that bankers say could 
happen towards the middle of the year and raise as much $1 
billion, making it potentially India's biggest in six years. 
    Limaye will be the first head of NSE to come from outside 
the ranks of the exchange's founding team since it was set up in 
1992. 
    Ahead of the approval, SEBI will also need to decide on 
whether to penalise the exchange after NSE disclosed an external 
panel found potential instances in which some traders were 
granted unfair preferential access to its co-location 
facilities. 
    Co-location refers to private servers placed at the site of 
exchanges to speed up algorithmic trading. 
    NSE had been scouting for a new CEO after former head Chitra 
Ramkrishna unexpectedly resigned in December, citing personal 
reasons, amid allegations of unfair access to certain brokers.  
    Limaye was also appointed by the Supreme Court last month to 
a four-member committee to oversee the functioning of the Board 
of Control for Cricket in India.  urn:newsml:reuters.com:*:nL4N1FK1E3 
    A chartered accountant with an MBA in finance from the 
Wharton School, he has worked on Wall Street in a variety of 
roles in investment banking, capital markets and structured 
finance and has been part of various government committees and 
industry associations.  
 
 (Reporting by Abhirup Roy; Editing by Richard Pullin) 
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Keywords: NSEIND CEO/