Top priorty to resolve regulatory issues: NSE chief Vikram Limaye

Patrice Gainsbourg
Julho 17, 2017

"One is the EY forensic audit report on currency derivatives and the same on cash markets is likely to be out in three to four weeks.resolution of the co-location issue is my top priority and our dialogue with Sebi in this regard is ongoing", Limaye told PTI over the phone.

Vikram Limaye, who took charge as the managing director and chief executive officer of the National Stock Exchange (NSE) on Monday, has his task cut out as the bourse had recently come under cloud from regulatory issues.

Co-location servers are placed at the site of exchanges to speed up algorithmic trading. "Obviously IPO is an important priority for me but that would happen only once all the regulatory issues are sorted out first", he said.

Limaye was selected by the NSE board in February, following the exit of Chitra Ramkrishna in December previous year. He also noted that it is significant for the exchange to improve relationships with all the stakeholders, including the regulators, the government and the media.

Limaye also said that taking the largest exchange public through a listing can happen only after the regulatory issues are resolved, which involve the alleged lapses in high-frequency trading through its co-location facility. There have been conversations on going between NSE and SEBI.

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Mr.Limaye, whose appointment received regulatory approval subject to his resignation from the Committee of Administrators (CoA) of the Board of Control for Cricket in India (BCCI), also wants to enhance the robustness of controls and processes at the exchange that had a majority share in the equity segment while being nearly a monopoly in equity derivatives.

"That we believe will be the fastest way to resolve this", Limaye said.

Asked if he is looking to rejig the team at NSE, Limaye said, "the exchange has a royal and committed workforce".

"The economy is on a growth path and given political and macro-economic stability, investments in India will continue to grow which will also be a positive for Indian markets", Limaye said in a letter to the stock exchange major's employees.

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