After a gap of 12 long years, the National Stock Exchange (NSE) is set to see a new person at the helm. Come April and Ravi Narain will step down as MD & CEO and will be succeeded by the current joint MD, Chitra Ramkrishna.
According to a release issued on Monday, the board of the exchange has approved the appointment of Ramkrishna as MD & CEO (designate). Ravi Narain's tenure will end on March 31, 2013.
“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,” added the release.
Narain has been associated with the NSE since its inception and was the deputy MD for the first six years, after which he was elevated as MD & CEO. Chitra Ramkrishna — who also has been with the NSE since inception — will take charge as MD& CEO with effect from April 1, 2013, for a period of five years.
Meanwhile, the NSE board also selected Narain as vice-chairman (designate) and he will continue to serve on the board of the World Federation of Exchanges and as chairman of its Working Committee.
Interestingly, the elevation of Ramkrishna and Narain's exit as the top executive coincide with the entry of MCX Stock Exchange (MCX-SX) and also with the BSE trying aggressively to garner market share in the cash and derivatives segment.
While the BSE has been able to register significant volumes on its derivatives segment due to an attractive market making scheme, MCX-SX is in the final stages of testing before going live with its equity segment.