The Problem Solver

It is déjà vu for veteran banker Vikram Limaye, who will have to draw from his experience of  navigating IDFC out of troubled waters to face uncannily similar challenges as NSE’s new boss:  An organisation beset with top management exits and, yet, preparing to go public

- Salil Panchal & Pravin Palande

On July 17, 2017, a confident-looking Vikram Limaye walked through the lobby of the National Stock Exchange (NSE) in Mumbai’s busy BKC commercial hub—files, papers and a bag in hand—to take charge as managing director and CEO of the exchange. His confidence would appear misplaced to most.

The 50-year-old veteran banker has a daunting, possibly even unenviable, job at hand—to turn around the fortunes of a now-troubled exchange. The NSE has seen two high-profile exits at the top management level and is facing a probe from market regulator Securities and Exchange Board of India (SEBI) for allegedly giving preferential access to some brokers for its co-location servers for algorithm trades—this has even delayed NSE’s plans for a listing.

Certainly, a furrowed brow would not seem out of place.

There was none of that. Nor was there any over-exuberance. Instead, there was purpose. Limaye had been preparing for this role since early February, after having been chosen NSE chief by a selection panel and approved by the board of the exchange. The final clearance from SEBI came in June.

The few months in the interim helped him hit the ground running. Take his Day One: The new CEO shot an email to all NSE employees, saying he was optimistic about the future of the institution and that despite the challenges it faces, he was confident that these issues will be overcome. This was followed by a meeting with senior business heads; a two-hour town hall with all employees, a quick interaction with the media, a meeting with SEBI (to discuss improving trading volumes at the GIFT City, the under-construction smart central business district in Gujarat) and then another exchange meeting to discuss internal processes.