Set to head NSE, Limaye will quit COA on July 14

The Securities and Exchange Board of India has cleared Limaye's appointment as head of NSE provided he gives up his role in COA.  

Published: 11th June 2017 08:15 PM  |   Last Updated: 11th June 2017 08:15 PM   |  A+A-

CoA members Vinod Rai, Diana Edulji and Vikram Limaye

By PTI

LONDON: Veteran banker Vikram Limaye will quit the Committee of Administrators (COA) for BCCI on July 14 to take over as the Managing Director and CEO of National Stock Exchange (NSE).      

Former CAG Vinod Rai, who is head of the COA, told PTI that Limaye will hold his position till July 14, when the Supreme Court reopens, after which he will have to step down for his new assignment at the NSE.      

The Securities and Exchange Board of India (SEBI) has cleared Limaye's appointment as head of NSE provided he gives up his role in COA.      

With Limaye's departure, the COA will shrink from being a four-member panel to a two-member panel. Historian Ramachandra Guha was the first to quit the panel, alleging that it had not done enough to implement the Lodha Committee reforms mandated 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.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp