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Vivek Law & George Cherian
MUMBAI, Sept 30: The former chairman of ICICI Banking Corporation, PV Maiyya, will take over as the managing director of the Bombay Stock Exchange (BSE) promoted Central Depository Services Ltd (CDSL). Maiyya's appointment follows the decision of KR Maheshwari, former managing director of the State Bank of Bikaner & Jaipur not to join the depository as its head and instead assume the top office at IndusInd Bank.
"Yes, I have accepted the BSE offer to head the depository. I would be taking charge in about three weeks time", Maiyya told The Financial Express. He declined to outline his plans for the depository saying that he would do so once he assumes office after a brief holiday. Former BSE president, MG Damani is the chairman of the depository and director of BSE, Anand Rathi is the vice-chairman.
The appointment of Maiyya, brings down the curtains on the appointment of Maheshwari as the depository's managing director. The stage was set for Maheshwari to join the depository when he decided to shunthe offer and take up the offer from IndusInd Bank. His appointment at the helm of IndusInd Bank was ratified recently at the AGM of the new generation private sector bank.
There was, however, a lot of confusion about where Maheshwari was joining as BSE, till the last moment, claimed that he was joining the depository.
Following confirmation of Maheshwari's appointment as head of IndusInd Bank, the exchange had shortlisted a fresh set of persons for heading its depository and has finally zeroed in on Maiyya. The BSE depository is expected to start operations sometime in October, BSE officials have maintained. The exchange recently got approvals from its members to invest upto Rs 80 crore in the depository. It has got approval to invest a further Rs 20 crore if it falls short of the minimum networth criteria of Rs 100 crore. CDSL is expected to provide competition to the only existing depository in the country,NSDL. With mandatory demat trading for all investors round the corner, BSE is keen to take offwith its own depository at the earliest so that it can capture a part of the market.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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