Chitra Ramakrishna set to be new NSE head

The National Stock Exchange will get its first woman head as the board on Monday appointed Chitra Ramkrishna as its next managing director and chief executive officer for five years, effective from 1 April 2003.

Ramkrishna will replace NSE's long-serving head Ravi Narain. She is currently his deputy as joint managing director.

Narain will continue to guide the exchange as non-executives vice-chairman, the NSE announced. ''The vice-chairmanship of Narain in non-executive capacity will be effective from 1 April 2013. In his capacity as vice-chairman, he will continue on the board of NSE,'' said an NSE release from Mumbai.

"The 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," said the release.

Chitra (49), a chartered accountant, has been with NSE since its inception 1991. She was part of the core five-member team selected by the government to create a screen based pan-Indian stock exchange.

The first managing director of the exchange, R H Patil, had reportedly hand-picked Narain and Chitra from the Industrial Development Bank of India (IDBI) to set up the exchange.