Internet Desk: Veteran banker Vikram Limaye is to take over as the Managing Director and CEO of National Stock Exchange (NSE) after he quits the Supreme Court appointed Committee of Administrators (COA) for BCCI on the 14th of July.
Former Comptroller and Auditor General of India (CAG) Vinod Rai, head of the COA, said that Limaye will have to hold his post till July 14, when the Supreme Court reopens, after which he will have to appeal to the Supreme Court to be relieved from his duties.
Given that Limaye gives up his role in COA, the Securities and Exchange Board of India (SEBI) has cleared his appointment as the head of NSE.
The COA will shrink from being a four-member panel to a two-member panel after Limaye exits.
The first to quit the panel was historian Ramachandra Guha who alleged that not enough had been done to execute the Lodha Committee recommendations made by the Supreme Court.
“Vikram is very much a part of the COA as of now. Obviously, once the Supreme Court reopens on July 14, he will have to relinquish his role in COA since he will be heading the NSE. Till July 14, he is a part of the COA. After that, he will appeal to the Supreme Court to be relieved from his duties,” Rai told PTI today.
The SEBI, in a recent media release, stated: “Sebi has approved the appointment of Mr Vikram Limaye as the MD and CEO of the National Stock Exchange of India limited, subject interalia to his being relieved from his BCCI (COA) assignment. The appointment will take effect from the date of joining.”
Asked if he has sought replacements for Guha as well as Limaye, Rai replied: “No, that will have to be decided by the Supreme Court.”
As of now, the former CAG has summoned all the office bearers of the BCCI state units before the Special General Meeting on June 26 in Mumbai.
“I will again meet the office-bearers ahead of the Special General Meeting. The implementation of Lodha Panel recommendation will once again be discussed,” Rai said.
The COA had recently given the BCCI a deadline till Monday, June 12, to submit their respective responses with regards the Deloitte audit report and also the list of eligible office-bearers.
Till three days back, only six units had submitted their response with regards to the Deloitte audit report and 12 units have provided the list of eligible office-bearers.
With inputs from PTI.