THE RETURN OF BSE

UNDER MD & CEO SUNDARARAMAN RAMAMURTHY, WHO COMPLETED A YEAR IN OFFICE RECENTLY, ASIA'S OLDEST STOCK EXCHANGE BSE IS SHIFTING GEARS AS IT LOOKS TO RECLAIM GROUND LOST TO YOUNGER RIVAL NSE. THOUGH THERE'S A LOT TO DO, HIS FIRST FEW MOVES ARE STARTING TO SHOW RESULTS

- SOURAV MAJUMDAR & ASHISH RUKHAIYAR

SUNDARARAMAN Ramamurthy, who has a professional track record of four decades, has seen segments like banking and the securities market from close quarters. In that time, he has weathered many a storm and faced many a challenge. But it won’t be wrong to say that Ramamurthy, the current MD & CEO of BSE, is at the most interesting—and challenging—crossroads of his professional journey.

Ramamurthy, 61, was part of the founding team of the National Stock Exchange (NSE), which was launched in the mid-1990s at a time when BSE—Asia’s oldest stock exchange that traces its origins all the way back to 1875—was the only major bourse in the country. A cost accountant by training and a member of the Indian Institute of Bankers, Ramamurthy helped build NSE that eventually drove BSE to a distant second and even established a near monopoly in certain market segments, including derivatives—also known as futures & options or F&O.

Now, Ramamurthy, who also has had stints with Bank of America, State Bank of India and IDBI, among others, finds himself in the corner office of BSE, tasked with the job of competing with NSE—an exchange he helped build—and create a “meaningful presence” for the much-older but now much-smaller bourse in terms of market share.

Consider this: If the cash market segment is taken into account, BSE’s share is in single digits—ranging from 6-9% in most of the recent months. In February, the average daily turnover of BSE was pegged at `10,341.08 crore, as against NSE’s `1,17,032 crore, according to data from the stock exchanges.