Ex-NSE official Sundararaman Ramamurthy to take control of BSE; details here

After over eight years, Sundararaman Ramamurthy is returning to the realm of the stock markets after the Securities and Exchange Board of India (SEBI) on Monday, approved his appointment as the chief executive officer (CEO) and managing director of the Bombay Stock Exchange (BSE). Previously, the position was held by Ashishkumar Chauhan who left in July this year to join the National Stock Exchange of India.

Under Chauhan, the BSE has evolved immensely into a broad capital market operation. The SME platform, introduced in 2012, and BSE Star MF, which has become the preferred platform for mutual fund investments, are two instances of the exchange’s achievements in the last few years. It recently introduced KYC KRA services and electronic gold receipts. The INX and Power exchanges seem to have evolved greater capacity to generate revenue.

Ramamurthy’s responsibility will be to expand the exchange’s market share in the industries where it has already established a stronghold. Another issue that will demand his immediate attention includes the transition to the T+1 settlement. An ex-NSE official, evidently happy having Ramamurthy as the CEO, revealed to Financial Express, “Sundararaman is fantastic in terms of compliance and operations, but he might need to pick it up in the areas of business development, technology, and public relations, where his predecessor excelled.”

Ramamurthy has more than three decades of expertise in the banking industry as well as the financial markets. Earlier, he worked for the NSE for more than 19 years, serving as senior vice president of the subsidiary NSE Clearing and senior vice president and chief business excellence, for the subsidiaries NSE Data & Analytics and NSE Indices.

The 62-year-old has spent the last eight years working for Bank of America Merrill Lynch, leading both the banking division and the securities department BofA Securities, as managing director and COO of the lender. Among other things, he was in charge of overseeing stakeholders and board meetings, implementing complex technical solutions, and upholding governance and compliance norms. He received a two-year extension at BankAm Merill Lynch following his retirement in 2020.

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