Crisis-ridden National Spot Exchange Ltd (NSEL) today appointed Saji Cherian as new CEO and Managing Director of the bourse, nearly a month after sacking its previous chief Anjani Sinha.
Anjani Sinha was sacked on August 20 following payment crisis of about Rs 5,500 crore in the exchange after it shut down the operation in the wake of government order.
"The board of NSEL appointed of Saji Cherian as the Managing Director and Chief Executive Officer of the company with effect from September 16, 2013," NSEL said in a statement.
Saji Cherian has over 23 years experience in dealing with exchanges and market participants.
He was previously the Head of Listing -Issuer Services at MCX Stock Exchange (MCX-SX). His earlier assignments include stints at Bombay Stock Exchange (BSE) as General Manager.
Saji Cherian was also Executive Director at Madras Stock Exchange (MSE) and Cochin Stock Exchange
NSEL is actively pursuing recovery of outstanding dues from the defaulting members with pay-in obligation, the exchange added.
The beleaguered NSEL has already defaulted in the last four pay-outs and has been able to settle only Rs 128 crore so far out of Rs 5,500 crore outstanding to the 13,000 investors.