Shareholders of the National Stock Exchange of India (NSE) at the extraordinary general meeting (EGM) held on Tuesday gave their nod to the appointment of Vikram Limaye as managing director & CEO of the company for a period of five years. The five-year period will be effective from the date Limaye assumes office after receipt of approval from the Securities and Exchange Board of India.
The members at the EGM also approved the appointment of Limaye as director on the Board of the company and okayed a remuneration of Rs 8 crore per annum. Limaye's pay will be 2.6 times more than the Rs 3 crore he got at IDFC in 2016-17. NSE, however, will not offer any stock options. IDFC gave Limaye stock options worth Rs 5.5 crore last financial year, in addition to the salary. He also held shares worth Rs 11 crore in the infrastructure lender.
In the financial space, only Aditya Puri of HDFC Bank has a higher yearly pay of Rs 9.7 crore, plus stock options. Interestingly, Limaye's proposed salary is less than that of his predecessor Chitra Ramkrishna (Rs 9.12 crore for 2015-16) but higher than that of Ashishkumar Chauhan, managing director and chief executive at rival BSE. Chauhan got Rs 3.3 crore in 2015-16.