Resolving regulatory probe of NSE is top priority: New CEO Vikram Limaye

Bruno Cirelli
Luglio 17, 2017

Vikram Limaye will be joining the NSE board on Monday.

Vikram Limaye, who took charge as the managing director and chief executive officer of the National Stock Exchange (NSE) on Monday, has his task cut out as the bourse had recently come under cloud from regulatory issues. We are examining if unfair gains were made by brokers.

"The immediate priorities for me are to resolve the co-location issue with SEBI", Limaye told Reuters in an interview on Monday.

Co-location servers are placed at the site of exchanges to speed up algorithmic trading.

"Our top priority obviously is to resolve the core location issue".

The banker-turned marketman Limaye also said he would like to at the earliest plug any gaps in the exchange's system and would work towards strengthening the "controls and processes".

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

Topping the list of to-do things for Mr. Limaye would be to engage various stakeholders, including clients, investors and the government, in steering the exchange out of the controversies bogging it in the recent times. "It's important to make sure that all stakeholder relationships are better than what has been in the past", he said.

Sources told Reuters last month that the NSE was in talks with the market regulator to settle the issue, in an effort to move ahead with its listing, and accept a penalty.

"The root cause of the problem would be addressed and we will discuss and report it to the finance ministry and Sebi", Limaye said.

Asked if he is looking to rejig the team at NSE, Limaye said, "the exchange has a royal and committed workforce. However, I will see if there are any gaps or re- positioning required".

"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". "Let's work together with a sense of objective, positive energy, creativity/ innovation and collaboration", he added.

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