The Securities and Exchange Board of India (Sebi) has approved the appointment of two executive directors (EDs) at the National Stock Exchange (NSE) — the first such appointments at the exchange’s board after a mandate by the market regulator last year.
Sebi had directed market infrastructure institutions (MIIs) such as stock exchanges, clearing corporations, and depositories to appoint at least two EDs for verticals namely critical operations and regulatory, compliance, risk management, and investor grievances. The timeline for appointments ends in June.
The regulator has approved Viral Mody’s appointment for Vertical-I (critical operations), and Sanjay Shorey as ED for Vertical-II (regulatory, compliance, risk management and investor grievances).
Mody has been associated with NSE for nearly two decades and was holding the position of chief technology officer. Meanwhile, Shorey is director general of corporate affairs at the Ministry of Corporate Affairs.
These appointments to the key managerial positions have been made for five years. The EDs will report to the managing director (MD) of the MII. However, appointments and removal from such positions will be similar to that of an MD.
At its board meeting in September 2025, Sebi had noted that the ED appointments would strengthen the boards of MIIs and help in succession planning within the institutions. It had added that the appointments were important in the wake of exponential growth in the securities markets in recent years and to ensure public interest is given priority over commercial interests.
Sebi has also approved the appointment of PR Ramesh as public interest director on the governing board of the exchange, effective Wednesday. Ramesh is former chairman of Deloitte India and his appointment is for three years.
In the last two months, the bourse has strengthened its board with recent appointments, including Rajeev Vasudeva as a public interest director and Dinesh Pant as a nominee director from Life Insurance Corporation of India (LIC).
Earlier in April, BSE also shortlisted names for the two ED positions and recommended them to Sebi for approval.
Other MIIs are also in the process of making appointments.
