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MUMBAI : The Securities and Exchange Board of India (Sebi) on Monday approved the appointment of Sundararaman Ramamurthy as the managing director and chief executive officer of BSE.

His appointment is, however,subject to the acceptance of the offer made to him and fulfillment of terms and conditions along with shareholders approval, the company said in an exchange filing on Monday.

Currently, Ramamurthy is the managing director and chief operating officer India at the Bank of America N.A. since 2014.

He started his career with the State Bank of India as a probationary officer in 1987 and worked his way up to become the Senior Vice President at the National Stock Exchange.

Mint had earlier reported that V. Balasubramaniam, managing director (MD) and chief executive officer (CEO) of India INX, a BSE subsidiary at Gift City, and NemL MD and CEO Mrugank Paranjape were also the top contenders to head BSE.

In July, Ashish Kumar Chauhan, the former head of BSE resigned as managing director and CEO of BSE and was then relieved of his roles and responsibilities at the exchange. Following which the hunt for the top vacancy at the exchange started.

Chauhan, currently is the MD CEO of India's largest stock exchange, the National Stock Exchange.

The shareholders’ of the National Stock Exchange (NSE), India’s largest stock exchange on 14 August approved the appointment of Ashish Chauhan as the managing director and chief executive officer with a majority vote of 99.99%.

ABOUT THE AUTHOR

Priyanka Gawande

Priyanka Gawande is a senior legal correspondent at Mint. She has worked as legal reporter for four years with both television and digital mediums. Based in Mumbai, she reports on disputes across sectors including banking, corporates and finance. This also includes insolvency and bankruptcy cases and intellectual property rights (IPR) litigation. Her focus also comprises tracking capital markets and disputes relating to securities law. Previously, Priyanka worked with Informist Media for 2.5 years covering major insolvency and bankruptcy cases and corporate developments. She started her career in journalism with Business Television India (BTVi) where she reported on primary markets, banking, finance and insurance companies.
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