IIT prof among new members on NSE board

Naved Masood, former secretary in the Ministry of Corporate Affairs and Sebi board member; TV Mohandas Pai, chairman of Manipal Global Education and Dinesh Kanabar, CEO, Dhruva Advisors have ceded their position on the NSE board following end of their tenure.

The National Stock Exchange of India (NSE) has inducted S. Sudarshan, professor, IIT Bombay and K Narasimha Murthy, partner of Narasimha Murthy & Co-Cost Accountants, Hyderabad on its board. Both join as public interest directors (PIDs).

Meanwhile, Naved Masood, former secretary in the Ministry of Corporate Affairs and Sebi board member; TV Mohandas Pai, chairman of Manipal Global Education and Dinesh Kanabar, CEO, Dhruva Advisors have ceded their position on the NSE board following end of their tenure.

Currently, the country’s largest bourse has eight board members, which includes four PIDs and three shareholders.

Under Sebi regulations, at least a fourth of an exchange's board should consist of PIDs.

Girish Chandra Chaturvedi, former petroleum secretary is the chairman of the board.

Chaturvedi and former State Bank of India (SBI) deputy managing director Anuradha Rao had joined as PIDs late last year.

These directors are tasked with upholding the governance standards at stock exchanges and other market infrastructure institutions.

Also, the initial tenure of PIDs has been lowered to three years and an extension is subject to performance review by Sebi.

Prakash Parthasarathy of former CIO PremjiInvest; Abhay Havaldar, former advisory director General Atlantic and Sunita Sharma former MD of LIC Housing Finance are three shareholder directors.

Barring two members, the NSE board’s complexion has undergone a complete change in the past one year.

The exchange’s board has key role to play as the exchange is eager to launch its initial public offering (IPO).

Before NSE would like to settle the matter concerning unfair access given to certain brokers.

The Securities and Appellate Tribunal (SAT) is currently hearing an appeal filed by NSE against an order a Sebi order directing it to disgorge Rs 1,000-crore for lapses at its co-location facility.

The tribunal is likely to hear the matter next in mid-April.

Photograph: Danish Siddiqui/Reuters