Veteran banker Vikram Limaye will quit the Committee of Administrators (COA) for BCCI on July 14 to take over as the Managing Director and CEO of National Stock Exchange (NSE). Former CAG Vinod Rai, who is head of the COA, said that Limaye will hold his position till July 14, when the Supreme Court reopens, after which he will have to step down for his new assignment at the NSE. The Securities and Exchange Board of India (SEBI) has cleared Limaye's appointment as head of NSE provided he gives up his role in COA.
With Limaye's departure, the COA will shrink from being a four-member panel to a two-member panel. Historian Ramachandra Guha was the first to quit the panel, alleging that it had not done enough to implement the Lodha Committee reforms mandated by the Supreme Court.
"Vikram is very much a part of the COA as of now. Obviously, once the Supreme Court reopens on July 14, he will have to relinquish his role in COA since he will be heading the NSE. Till July 14, he is a part of the COA. After that, he will appeal to the Supreme Court to be relieved from his duties," Rai said.
The SEBI, in a recent media release, stated: "Sebi has approved the appointment of Mr Vikram Limaye as the MD and CEO of the National Stock Exchange of India limited , subject interalia to his being relieved from his BCCI (COA) assignment. The appointment will take effect from the date of joining."
Asked if he has sought replacements for Guha as well as Limaye, Rai replied: "No, that will have to be decided by the Supreme Court."
As of now, the former CAG has summoned all the office bearers of the BCCI state units before the Special General Meeting on June 26 in Mumbai.
"I will again meet the office-bearers ahead of the Special General Meeting. The implementation of Lodha Panel recommendation will once again be discussed," Rai said.
The COA had recently given the BCCI a deadline till Monday, June 12, to submit their respective responses with regards the Deloitte audit report and also the list of eligible office-bearers. Till three days back, only six units had submitted their response with regards to the Deloitte audit report and 12 units have provided the list of eligible office-bearers.