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The National Stock Exchange (NSE) has said that its current chief executive officer (CEO) and managing director (MD) Vikram Limaye is not involved in the selection process of his successor.

Taking to twitter, the exchange said, "Vikram Limaye recused himself from the very beginning and was not involved in any way in the discussions surrounding candidates or at any stage in the process of selection of new MD & CEO."

NSE tweeted in reply to another tweet which said: "NSE current CEO Vikram Limaye objected strongly to current BSE CEO being in short list due to personal rivalries."

The five-year term of NSE's current chief executive, Vikram Limaye, ends in July.

Limaye joined as top executive of the NSE in July 2017 after Chitra Ramkrishna resigned from the position without completing her term.

Though Limaye is eligible for another five-year term, he has opted out. "I have informed the board that I am not interested in pursuing a second term and will therefore not be applying and participating in the process that is underway. My tenor ends on July 16, 2022," Limaye had said in a statement in March.

In March this year, NSE invited applications for the post of MD & CEO.

In a newspaper ad, the NSE specified that the candidates must have more than 25 years of work experience and a "track record of strengthening corporate governance".

The new CEO is also expected to steer the exchange's plan to launch an initial public offering (IPO). 

"Exposure to operating in a publicly listed company or having led an organization through an 'Initial Public Offering' process will be an advantage," the job description read.

According to reports, the NSE has shortlisted candidates and submitted the names to the Securities and Exchange Board of India (SEBI) for approval.

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