Vikram Limaye has decided not to seek reappointment as managing director and chief executive officer (MD & CEO) of the National Stock Exchange (NSE). This comes as a surprise as the former IDFC MD was widely expected to get another term after a reasonably successful five-year stint at the country’s largest bourse. His tenure ends on July 16, 2022.

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“I have informed the board that I am not interested in pursuing a second term and will therefore not be applying and participating in the process that is underway,” Limaye said in a statement on Tuesday.