New Delhi

NSE Managing Director and CEO Vikram Limaye on Wednesday said that he will not seek a second term at the stock exchange. “I have informed the board that I am not interested in pursuing a second term and will therefore not be applying and participating in the process that is underway. My tenor ends on July 16, 2022,” Limaye said in a statement.

The exchange’s chief said, “I have done my best to lead the organisation in a very difficult period and to stabilise, strengthen and transform the NSE. We have come a long way in terms of controls, governance, technology, regulatory effectiveness and business growth.”

The National Stock Exchange (NSE) recently invited applications from candidates for the role of MD and CEO. Limaye is eligible for another term but as per markets regulator SEBI’s rule, incumbent needs to compete with other candidates to win the next term.

He was appointed in July 2017 following the exit of former NSE chief Chitra Ramkrishna. The current chief, Limaye, is credited with re-branding the NSE, besides trading in derivatives witnessed tremendous growth under his leadership.

Before joining the NSE, Limaye was MD and CEO of IDFC. Listing out eligibility criteria, the NSE’s notice stated that the candidate must have a track record of strengthening corporate governance, enterprise risk management and compliance management framework.

In addition, the candidates with exposure to working in a publicly listed company or having led an organisation through an initial public offering process “will be an added advantage”, it added. Following the deadline, the candidates will be short-listed by the nominations and remuneration committee of the company.

A selection committee set up by the NSE, comprising NRC members and the independent external members, will recommend candidates to the board, which will then send the name to Sebi for final approval.