Vikram Limaye

The NSE will now have to obtain shareholders' nod before Chauhan can take charge

NSE had started MD & CEO selection process in March. Vikram Limaye was eligible for another five-year term but opted out

Limaye joined NSE in July 2017 after a long stint at IDFC, an institution set up to boost infrastructure development by channelling private sector investments

NSE Managing Director and CEO Vikram Limaye on Wednesday said that he will not seek a second term at the stock exchange when his five-year term ends in July. This comes amid the National Stock Exchange (NSE) facing the regulatory probe in a case related to governance lapses at the bourse as well as in the co-location matter. "I have informed the board that I am not interested in pursuing a second term and will therefore not be applying and participating in the process that is underway. My tenor ends on July 16, 2022," Limaye said in a statement. The exchange's MD & CEO said, "I have done my best to lead the organisation in a very difficult period and to stabilise, strengthen and transform the NSE. We have come a long way in terms of controls, governance, technology, regulatory effectiveness and business growth." The NSE recently invited applications from candidates for the role of MD and CEO. The applications have been invited from candidates having IPO (initial public offering) ..

Despite the upheaval, the NSE managed to clock a strong financial performance and cement its leadership position under Limaye's leadership

Current MD and CEO Vikram Limaye's five-year tenure ends this July, and he is eligible for another five-year term

The exchange has invited applications from candidates having IPO experience for the role of the top post before March 25

The entire IPO would be offer-for-sale (OFS), wherein existing shareholders will sell NSE's shares

Electronic trading helped cut out unknown middlemen and unnecessary commissions, even as the exchange opened doors to many who had worked under big brokers

Vikram Limaye said several taxes, including the securities transaction tax and the goods and services tax, are hurting investor participation

Vikram Limaye has also refused to accept the payment due to him, citing the same reason

Given the focus on safety and quality, the task of choosing money managers in the debt category was tougher than that for equity funds

The move towards physical settlement of stocks is expected to benefit the securities lending and borrowing segment

We have launched gold and silver contracts and have applied to the regulator for crude oil and copper contracts' approval, says Limaye

We have been talking to the SGX for some time to try and figure out a way to transition the liquidity from SGX to GIFT City, said Vikram Limaye

Limaye takes charge as managing director and chief executive officer of the exchange from July 17

He further said, 'organisation above self must be the driving principle in how we conduct ourselves'

On Friday, by SC relieved Limaye of his responsibilities at the COA formed to oversee BCCI

Limaye has 25 years of experience of working with financial institutions

Limaye will have to step down for his new assignment at NSE