India: IPO-bound National Stock Exchange CEO Chitra Ramakrishna resigns

NSE CEO Chitra Ramkrishna decision to quit comes almost a year before her tenure comes to an end in 2018. Photo: Abhijit Bhatlekar/Mint

Chitra Ramakrishna, managing director and chief executive officer of National Stock Exchange of India (NSE), the country’s largest stock exchange in terms of volumes, has tendered her resignation, said an NSE statement issued on Friday.

“The board of directors of NSE met today and accepted her resignation,” the statement said. “Ramakrishna tendered her resignation due to personal reasons,” it added.

J. Ravichandran, who serves as group president of finance and legal and company secretary at NSE, has been named as the interim MD and CEO.

Ramakrishna’s decision to quit comes almost a year before her tenure comes to an end in 2018. She was appointed as NSE head in April 2013 for a period of five years, replacing then chief Ravi Narain.

This also marks the end of an era, as she was part of the team that set up NSE in the early 1990s.

According to two people familiar with the development, Ramakrishna’s decision to quit is based on differences with the board on key issues of listing of the exchange and a Securities and Exchange Board of India (Sebi)monitored investigation on alleged irregularities in its co-location platform.

An email sent to an NSE spokesperson seeking comment on the reason for her exit did not result in an immediate response.

The NSE’s plans to go public began gathering steam after Ashok Chawla, former chairman of the Competition Commission of India (CCI), took charge of the NSE board. The exchange is currently in the process of obtaining the assent of shareholders who are willing to tender their shares in its offer for sale (OFS), the deadline for which expires on 7 December.

A Sebi panel in March found that NSE’s systems were manipulated to the extent that certain brokers gained unfair advantage while trading on its algorithmic trading platform. This led to the regulator writing to the board of NSE, directing a forensic audit of its systems.

Also Read: India: NSE may divest 25% stake via offer for sale

India: NSE hires four additional investment bankers for its IPO

This article was first published on Livemint.com

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.