SEBI approves appointment of Vijay Chandok as new NSDL head

New Delhi: The Securities and Exchange Board of India (Sebi) has approved Vijay Chandok's appointment as the managing director and chief executive officer (MD & CEO) of the National Securities Depository (NSDL), the country's largest depository.

Chandok currently serves as the MD and CEO of ICICI Securities, the broking and investment banking arm of ICICI Bank. His appointment comes as NSDL, a key market infrastructure institution, prepares to launch its initial public offering (IPO).

NSDL has just received the nod from Sebi for its maiden share sale, which will see key stakeholders such as National Stock Exchange (NSE), IDBI Bank, and HDFC Bank pare their holdings.

Chandok’s appointment has been approved for the next five years or until he attains the age of 65, whichever is earlier, NSDL said in a notice.

The market regulator granted approval for his appointment on August 30. NSDL, in its notice, stated that the appointment is subject to Chandok's acceptance of the offer.