NSE tops stock exchange CEO salary chart; MCX for commexes
Chiefs of leading stock exchange NSE and the top commodity bourse MCX have topped the executive salary charts of their businesses, getting hike of nearly 6 percent in last fiscal.
New Delhi: Chiefs of leading stock exchange NSE and the top commodity bourse MCX have topped the executive salary charts of their businesses, getting hike of nearly 6 percent in last fiscal.
Among the stock exchanges, the net pay package of National Stock Exchange (NSE) Managing Director and CEO Ravi Narain rose to Rs 4.1 crore in 2011-12, from Rs 3.85 crore in the previous fiscal, as per the bourse's latest annual report.
In comparison, the remuneration of BSE's then chief Madhu Kannan stood at Rs 1.69 crore last fiscal, down from Rs 2.04 crore in 2010-11. Earlier this year, Kannan left the exchange.
NSE's another rival MCX-SX, which is currently present only in currency derivatives segment and is gearing up to launch equity and other trading platforms, paid its MD and CEO Joseph Massey a total remuneration of Rs 1.8 crore in 2011-12, unchanged from the previous year.
The gross remuneration of NSE's Narain stood at Rs 7.88 crore in 2011-12, up from Rs 7.35 crore in the previous year.
NSE's Joint Managing Director Chitra Ramakrishna's gross remuneration in 2011-12 stood at Rs 5.64 crore, while her net remuneration was Rs 2.93 crore.
Among the commodity exchanges, MCX's Lamon Rutten was the top-paid executive in 2011-12 with a pay package of Rs 1.76 crore, up from Rs 1.07 crore in the previous fiscal. Rutten recently resigned as MD and CEO of the exchange, but remains on its board.
MCX chief is followed by NCDEX's MD & CEO R Ramaseshan with remuneration of Rs 1.55 crore in 2011-12, up from Rs 1.3 crore in the previous fiscal.
Across the stock and commodity exchanges, the pay package of only BSE chief fell in the last fiscal, while it remained unchanged for MCX-SX (MCX Stock Exchange).
Interestingly, only BSE witnessed a decline in its net profit during the year 2011-12, while NSE, MCX and NCDEX saw their profits rise during the fiscal. For MCX-SX, the losses narrowed down sharply in 2011-12.
However, the revenues rose for all the three stock exchanges and the two commodity bourses.
NSE's revenue rose from Rs 1,047 crore to Rs 1,080 crore in 2011-12, BSE's from Rs 538 crore to Rs 578 crore and MCX-SX's from Rs 39 crore to Rs 88 crore.
MCX and NCDEX also saw their revenues rise from Rs 447 crore to Rs 629 crore and from Rs 119 crore to Rs 139 crore, respectively.
In terms of profitability, NSE recorded net profit of Rs 705 crore in 2011-12, up from Rs 637 crore in last fiscal.
BSE's net profit fell from Rs 232 crore to Rs 205 crore; MCX-SX losses narrowed from Rs 58 crore to nearly Rs 3 crore; MCX's profit rose from Rs 173 crore to Rs 286 crore, and NCDEX saw its profits rise from Rs 31 crore to Rs 35 crore.