Vikram Limaye named to head NSE, but must quit BCCI first

The Securities and Exchange Board of India (Sebi) on Friday approved the appointment of Vikram Limaye, managing director of IDFC Ltd, as the next MD and chief executive officer of the National Stock Exchange, subject to his resignation from the Board of Control for Cricket in India (BCCI).

Limaye is a member of a panel appointed by the Supreme Court to administer the BCCI, headed by former Comptroller & Auditor General of India Vinod Rai.

The conditional appointment by Sebi comes a long four months after the NSE board nominated Limaye for the post. The appointment had been hanging fire as the regulator was concerned over Limaye's role at BCCI.

''Sebi has approved the appointment of Vikram Limaye as the MD and CEO of the NSE, subject inter alia to his being relieved from his BCCI (COA) assignment. The appointment will take effect from the date of joining,'' NSE said in a statement.

Limaye was selected as the managing director and CEO of the exchange by the board of NSE in February following the sudden exit of Chitra Ramkrishna in December last year. In March, shareholders of the exchange approved the appointment.

The NSE board has already accepted its vice-chairman Ravi Narain's resignation.