Limaye to stand down as interim BCCI administrator for top National Stock Exchange role
Vikram Limaye was recently chosen as the CEO of National Stock Exchange and in order to take up his duties as the CEO, Limaye has indicated he will recuse himself from the membership of COA, which manages the affairs of BCCI, in the Supremer Court if his membership is extended.
Vikram Limaye was appointed by the Supreme Court on 31st January to the 4-member panel of Committee of Administrators(COA) to manage the affairs of Board of Control for Cricket in India(BCCI). He was appointed for a period of six months.
Limaye, who is currently the managing director of IDFC Ltd and an NSE spokesperson, was selected as the Cheif Executive Officer(CEO) of the National Stock Exchange in February but has yet not taken to his duties because Securities and Exchange Board of India(SEBI) was hesitant in clearing his appointment on accounts of his dual roles as a COA member and as the CEO.
However, the NSE assured SEBI that Limaye will not continue to reside as a member of the COA beyond August and will recuse himself in the apex court if his membership is extended although the final decision will be taken by the court.
"Sebi was uncomfortable that his dual responsibilities would hamper his duties and role at NSE. The exchange has assured that Limaye’s role is non-administrative and is finite. He would ensure that his duties towards NSE are not hampered,” said a source with the direct knowledge of the matter.
SEBI has accepted the justification from the NSE and is expected to clear the appointment in the coming weeks. Limaye is speculated join as the CEO of NSE by June.