Markets

NSE chief Chitra Ramkrishna resigns

Chitra Ramkrishna, 53, has stepped down as the Managing Director & Chief Executive Officer of the National Stock Exchange (NSE).

The abrupt resignation of the NSE veteran, who had more than 15 months of her 5-year term as CEO left, was promptly accepted by the board of directors. The NSE, which is preparing for its Initial Public Offering, said Group President J. Ravichandran would “hold charge” as CEO with immediate effect.

“Ms. Ramkrishna had tendered her resignation due to personal reasons and expressed her desire to step down with immediate effect,” the country’s leading stock exchange said in a statement. “The Board, while accepting her request, appreciated her sterling contribution to the growth of the organisation over the long years that she had been associated with it.”

Ms. Ramkrishna, who was part of the team that set up the exchange in 1992, was appointed as the joint managing director in September 2009. She was elevated to the post of MD & CEO with effect from April 1, 2013, becoming the first woman MD & CEO of the NSE.

The NSE said it had set up a selection committee to search and recommend a candidate for the post of managing director & CEO.

Possible contenders

Ashish Chouhan, MD & CEO of NSE’s main rival, the BSE, and Rajnikant Patel, a former MD & CEO of the BSE are seen as possible contenders for Ms. Ramkrishna’s post, according to sources.

A text message sent to Ms.Ramkrishna seeking the reason for her exit went unanswered.

Ms. Ramkrishna, who was recently named Chairperson of the board of the World Federation of Exchanges, may have quit following differences with the board, a source close to the development said. The resignation in October of Subramanian Anand, who was group operating officer at the time and a confidant of Ms. Ramkrishna, may have precipitated her departure, the source, who did not wish to be identified, said.

“Mr. Ravichandran has been associated with NSE for long years and brings with him a wealth of experience,” the NSE said in the statement.

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Printable version | Jan 21, 2021 4:04:49 PM | https://www.thehindu.com/business/markets/NSE-chief-Chitra-Ramkrishna-resigns/article16750581.ece

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