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?
Denne historien er fra August 19, 2017-utgaven av Businessworld.
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Denne historien er fra August 19, 2017-utgaven av Businessworld.
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