Chitra Ramkrishna quits as NSE chief

Chitra Ramkrishna, managing director (MD) and chief executive of the National Stock Exchange of India (NSE) has stepped down from her post, even as the country’s largest bourse is set to go public.The NSE board met on Friday and accepted her resignation, the exchange said in a note. The note added that Ramkrishna had tendered her resignation owing to personal reasons and expressed her desire to step down with immediate effect. Her tenure was supposed to end in March 2018.

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The board has set up a selection committee to find a replacement for Ramkrishna and has appointed group president J Ravichandran as interim chief executive officer (CEO).
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Chitra Ramkrishna’s NSE journey

1992: NSE set up with the help of five technocrats, including Chitra Ramkrishna

September 2009: Appointed joint managing director

April 2013: Elevated to the post of managing director-chief executive officer (MD-CEO)

December 2016: Steps down as MD-CEoRamkrishna's abrupt resignation ahead of the expected roadshows in early next year surprised many and led to speculations that she had differences with the board on key issues of listing of the exchange and a Sebi-monitored investigation on alleged irregularities in its co-location platform. However, sources in the know said she had been ailing for some time.

A chartered accountant by training, Ramkrishna began her career with IDBI in 1983. She was one of the five people hand-picked by legendary S S Nadkarni, then chairman of IDBI, to set up NSE in 1992. She was appointed as the joint managing director of the exchange in September 2009 and was elevated to the post of MD & CEO in April 2013.Ramkrishna was the second-highest paid executive in the financial services industry, second only to Aditya Puri, MD of HDFC Bank, who took home Rs 9.7 crore in FY16. Her salary was almost thrice that of Ashishkumar Chauhan, who heads rival Bombay Stock Exchange, who earned Rs 3.3 crore.Ramkrishna was the third woman to head an exchange in the Asia-Pacific region after Sri Lanka’s Colombo Stock Exchange and China’s Shenzhen Stock Exchange. Last month, she was appointed the chairperson of the Board of World Federation of Exchanges, a global industry association for exchanges and clearing houses.
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