The testosterone-driven world of equities just got a dose of oestrogen.
The National Stock Exchange announced on Monday that its long-serving head, Ravi Narain, will soon make way for a new leader. Stepping into his shoes will be his current deputy, Chitra Ramkrishna. She will become the NSE’s first and India’s second woman to head a stock exchange on April 1, 2013.
Deena Mehta was the first when she headed Bombay Stock Exchange (BSE) for two months way back in 2001.
Chitra, who is set to be appointed for five years, may also become the highest-paid exchange head in India. Narain received close to Rs4 crore in compensation, while the heads of the BSE and MCX-SX get close to Rs2 crore. Interestingly, the NSE appointment will make her only the third among 16 Asia-Pacific exchanges to have a woman currently heading it.
Amongst the Asian exchanges, China’s Shenzhen Stock Exchange is one other. Liping Song is president and CEO of the exchange. Also, the Colombo Stock Exchange’s chief executive officer is Surekha Sellahewa.
The National Stock Exchange is India’s largest and Asia’s sixth largest exchange by market capitalisation. The companies listed on the exchange are worth nearly than Rs55 lakh crore. Ravi Narain will continue on the board of the exchange as a non-executive vice chairman.
He will also continue to serve on the Board of the World Federation of Exchanges and as chairman of its working committee.