Regulatory issues, a priority for Limaye

Remigio Civitarese
Luglio 17, 2017

The National Stock Exchange of India's (NSE) new Managing Director and Chief Executive Officer Vikram Limaye who took charge on Monday told the company's employees that investments in India will continue to grow and have a positive effect on the Indian markets. The co-location case relates to some brokers allegedly getting preferential access to the NSE servers and early login facilities which have allegedly helped traders make huge gains due to the speedier execution of orders.

During an interaction with the media, Limaye said that his first immediate priority is to sort out regulatory issues.

More than half a dozen top officials - including former chiefs Ravi Narain and Chitra Ramkrishna - of the exchange had already received show-cause notices from the Securities and Exchange Board of India (SEBI), which had conducted its own forensic audit after publicly declaring that the audit done by the bourse was not found satisfactory. He also noted that it is significant for the exchange to improve relationships with all the stakeholders, including the regulators, the government and the media.

Limaye said that that the SEBI process is underway and that it will take time for completion of reviews. There have been conversations on going between NSE and SEBI.

"In his communication to NSE employees earlier in the day, Limaye said "while now the institution is faced with certain challenges, I am confident we will overcome these issues by working together and emerge as a stronger and better organisation".

Limaye said he had "no visibility" on when the exchange could go public, as the regulatory probe had to be resolved first.

"That we believe will be the fastest way to resolve this", Limaye said.

Limaye was selected by the NSE board in February, following the exit of Chitra Ramkrishna in December past year.

Asked if he is looking to rejig the team at NSE, Limaye said, "the exchange has a royal and committed workforce".

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