Vikram Limaye joins the NSE board today

Claudine Rigal
Juillet 17, 2017

Limaye said the NSE was in talks with SEBI to settle the issue of unfair access to brokers.

Vikram Limaye, former head of infrastructure lender IDFC, who took over as Managing Director and Chief Executive Officer of the National Stock Exchange (NSE) on Monday, said his immediate priority would be to sort of regulatory issues.

Through these facilities the traders in the currency derivatives and cash segments allegedly made huge gains.

While the exchange has been busy fire fighting the co-location matter, a technical glitch on July 10 saw trading come to a grinding halt for more than three hours.

"Our top priority obviously is to resolve the core location issue".

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.

According to Limaye, the organisation needs to improve relationships with all stakeholders and strengthen its processes and controls.

"It is also important for NSE to improve stakeholder relationships, which means relationship with the government, the regulator, clients, the media and certainly the employees. It's important to make sure that all stakeholder relationships are better than what has been in the past", he said.

Limaye said that if anybody at NSE is guilty of wrong doing, that person will be punished.

"Deloitte did not go in depth on the connivance issue (between NSE staffers and brokers)".

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

On June 9, the NSE announced that stock markets regulator SEBI had approved the appointment of Limaye as its new MD and CEO.

Asked if he is looking to rejig the team at NSE, Limaye said, "the exchange has a royal and committed workforce. Let's work together with a sense of objective, positive energy, creativity/ innovation and collaboration", he added.

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