VIKRAM LIMAYE (50), has stepped into the hot seat of the NSE and has hit the ground running filing a consent application with Sebi (in a case which says it gave preferential access to some high-frequency traders and brokers) even as the Nifty scaled a new peak and crossed the five-figure mark. The CEO & MD of NSE spoke to Clifford Alvares and Raghu Mohan on various steps the exchange has taken in the recent past to set things right at the NSE.
Q: How have your first few weeks been?
You have hit the ground running and the markets have hit 10000. It has been hectic. Resolving the regulatory issue is a priority for which I have filed a letter with Sebi for settlement under the consent process. We have also filed a report with Sebi relating to the trading halt. I am working on improving stakeholder relationships with Sebi, government, clients, shareholders, media and employees.
Q: What did you say in the consent letter? What are the terms of settlement?
It is an application to settle the matter without admission of guilt or wrong doing. The amount and terms would be mutually agreed based on discussions with Sebi.
Q: What are the grounds for the consent application?
NSE is an institution of national importance. You don’t want overhang of investigations for too long which could be the case if this was to go through the court process. We would like to resolve the issue and move on and that I believe will also be in the best interests of markets and investors domestically and globally.
Q: What do you think the learnings are from this issue?
I just think that if the issue was managed better it would not have escalated to this level. The discussions with the regulator could have been handled better relating to the technology and any gaps/lapses in process and documentation could have been fixed.
Q: So you are having a re-look at internal systems?
Yes, we are looking at the systems, controls and processes so that management and the board are comfortable that the foundation of the organisation is strong.
Q: Have all the 14 employees filed consent?
There are 11 out of the 14 who have filed so far.
Q: How long do you think the whole process is going to last?
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
MEMORIES & IMPRESSIONS
Ratan Tata was an exceptional human being. He was a visionary leader, esteemed industrialist, and a humanitarian, who left an indelible mark on India and the world.
The Robotaxi Market
The robotaxi market is shaping up to be a high-stakes battleground as tech giants and automakers race to transform urban mobility.
And the Nobel Prize Goes to AI
The recent Nobel Prize T awards to AI pioneers affiliated with Google have sparked a broader conversation about Big Tech's influence on research and the limitations of traditional prize categories.
Ola Electrified
Once considered a trailblazer in India’s electric vehicle (EV) ecosystem, Bhavish Aggarwal’s Ola Electric now faces a major accountability crisis.
Sharp Slide in Industrial Output on Eve of Deepavali
India’s index of industrial production (IIP) saw a sharp reversal in August, contracting by 0.1 per cent, in stark contrast to the 4.7 per cent growth in July, mostly because of significant contractions in mining and electricity generation.
Heralding the Solar Era with Sustainable Electrification
RAJEEV KASHYAP on the economics of solar power, the hurdles in scaling it, and much more
A WELL-GREASED MACHINE
The OmniBook X14 laptop runs on first-generation Snapdragon X Elite, which bets big on Al-enabled productivity and battery life, but falls short when it comes to overall experience, says Deep Majumdar
DO NOT LETA HEALTH CRISIS RUIN YOUR FINANCIAL HEALTH
For a family of four living in a metro, it is recommended to opt for a family floater health insurance plan with a sum insured of at least Rs 15-20 lakh
Disruption Ahead: Beyond Organisation Charts and Structures
ALBERT EINSTEIN FAMOUSLY said, “We cannot solve our problems with the same thinking we used when we created them.
Dr. Rahul Shivajirao Kadam: A Visionary Leader Blending Sustainability, Innovation, And Social Empowerment
We are on the stage of global warming, and these technologies not only help prevent further damage but also leave behind a better environment for future generations.
