The BSE’s Chief Regulatory Officer Nehal Vora is likely to be appointed as managing director of India’s second-largest share depository Central Depository Services (CDSL). Vora’s name has been approved by the CDSL after its former MD PS Reddy moved to commodity bourse MCX as MD and CEO.
SEBI is yet to approve Vora’s name but the approval is likely to come by in a few days, sources said.
Recently, SEBI had to write to the CDSL board to take a decision on appointing a chairman after TS Krishnamurthy retired on superannuation at the age of 75, the maximum limit up to which a public interest director can serve on a listed company’s board, according to SEBI guidelines. Later, RM Malla was made the chairman of the board.
Vora was on the board of CDSL as BSE’s nominee and shareholder director. After SEBI’s approval, Nehal Vora will takeover as full-time MD & CEO at CDSL.
According to the stock exchange, clearing corporation and depositories regulations, MD & CEO of all market infrastructure institutions are part of the shareholder director category, sources said.