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.
This article was first published on Livemint.com