Joint MD C Ramakrishna appointed new MD of NSE
Nov 26 2012
Ramakrishna, the current number two at NSE, will become its Managing Director and CEO with effect from April 1, 2013 for a period of five years while Narain will move into the role of vice-chairman in a non-executive role.
She assumes office at a time when competition in the stock exchange space has become cut-throat and even nasty with the entry of MCX-SX, the third national player (after Bombay Stock Exchange and NSE, the latter being undisputed leader for sometime now).
Changes at the helm at India's premier bourse also coincides with the new rules for stock exchanges forcing them to separate their regulatory and commercial divisions, and involve stipulations on compensation of key management personnel, which will curb incentives that result in excessive risk taking in the short-term.
The outgoing chief Narain is presently on board of NSE and his tenure was to end on March 31, 2013. He was the deputy MD of the NSE for the first six years and the MD and CEO for over 12 years.
“The (NSE) Board had been engaged with Ravi Narain over a period of time regarding a further tenure. However, he has been indicating his inability to the Board to accept any further extension of his tenure,” an NSE statement said, adding that the board at its meeting on Monday approved the appointment of Chitra Ramkrishna as MD and CEO (Designate).
She will take charge as MD& CEO with effect from April 1, 2013 for a period of five years. Ramkrishna has also been with NSE since inception.
The Board also elected Ravi Narain as Vice Chairman (designate). The vice-chairmanship in non-executive capacity will be effective from April 1, 2013. In his capacity as VC, he will continue on the board of NSE.
Narain will continue to serve on the board of the World Federation of Exchanges and as chairman of its working committee, the statement said.
Recently, Vijay Kelkar, former union finance secretary and chairman of Finance Commission until January 2010, has stepped down as NSE chairman. However, he is serving as chairman of the advisory board of NSE.