Vikram Limaye, who took charge as the managing director and chief executive officer of the National Stock Exchange (NSE) on Monday, has his task cut out as the bourse had recently come under cloud from regulatory issues.
The case relates to some brokers allegedly getting preferential access through co-location facility, early login and access to the "dark fibre"- which can allow them a split- second faster access to datafeed of the exchange.
"In his communication to NSE employees earlier in the day, Limaye said "while now the institution is faced with certain challenges, I am confident we will overcome these issues by working together and emerge as a stronger and better organisation".
Vikram Limaye was selected by the board of NSE in February, following the exit of Chitra Ramkrishna in December previous year.
"The immediate priorities for me are to resolve the co-location issue with SEBI", Limaye told Reuters in an interview on Monday.
"Then, we need to obviously improve various stakeholder relationships whether it's with SEBI, government, clients, media, employees", he added.
Vikram Limaye assumed office as chief executive of NSE on Monday. "We will have to file an official application for consent in order to start that process".
Asked about last week's crash of NSE platform for more than three hours, Limaye told PTI that while its not "unusual" to have software-related issues, the exchange has had numerous conversations with the service vendors and is awaiting a report on the issue. SEBI has not said whether it would be open to a settlement.
Limaye said he had "no visibility" on when the exchange could go public, as the regulatory probe had to be resolved first.
He said he would also focus on better communication to fix the bourse's image. "So, I firmly believe even the co-location issue could have been managed a lot better".
Asked if he is looking to rejig the team at NSE, Limaye said, "the exchange has a royal and committed workforce".