ED's term over, panel to handle MSE operations
N Madhavan
CHENNAI, Jan 4: The Madras Stock Exchange (MSE) has formed an administrative committee comprising the general manager (operations) and company secretary to run the day to day affairs of the exchange. The set-up was necessitated by the decision of the governing council of the exchange not to extend the services of S Ramanathan, who served as the executive director of the exchange for about 10 years. His contract expired on December 31, 1997.It is reliably learnt that the GM (operations) will be looking after the secondary market operations while the company secretary would take care of the administrative and primary market aspects. They will report to the president on a day to day basis. This move, the official said, was in line with the by-laws of the exchange which say that in the absence of the executive director, senior-most employees would be in charge of operations. Meanwhile, steps are being taken to convene the selection committee meeting to process the 60 odd applications that have been
received for the post. The selection committee, which was approved by the Securities and Exchange Board of India (SEBI) recently, consists of the president of MSE, the SEBI representative in the governing council and two outside experts. The selection committee would shortlist three candidates and forward the same to SEBI for its final approval. The entire process is likely to take about three months. Interestingly, Ramanathan has applied for the post again but, according to an exchange official, is unlikely to find support.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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