Anand Mahindra, Mohandas Pai in four-member NSE panel to select Ramkrishna's successor

Image: Vikas Khot

The National Stock Exchange (NSE) on Monday said its board of directors had set up a selection committee to identify the next managing director and chief executive officer of the exchange. This follows the resignation of Chitra Ramkrishna late last week.

The selection committee comprises NSE public interest directors Dinesh Kanabar and TV Mohandas Pai, Mahindra Group chairman Anand Mahindra as independent external expert and Usha Thorat, former Reserve Bank of India deputy governor, who is also an independent external expert.

“The selection committee, after following the due process will recommend the name(s) to the Nomination and Remuneration Committee and the Board of NSE for appropriate decision,” a statement from NSE said.

The setting up of the selection committee is in line with the guidelines of the Securities & Exchange Board of India.

The exchange is currently headed by J Ravichandran, who was asked to hold office till a replacement for Ramkrishna was identified.

Ramkrishna’s exit came as a sudden development last week, amid talk that there was a difference of opinion between her and the board over the initial public offer of the bourse. This could not be independently confirmed.

Ramkrishna has been an old NSE hand, groomed by financial sector veterans like SS Nadkarni and RH Patil and had been one of those instrumental in developing the exchange into the country’s biggest bourse.