Ramadorai retires as BSE chairman; Sudhakar Rao to succeed

New Delhi: Leading stock exchange BSE said S Ramadorai has retired from the position of its Chairman and would be replaced by Public Interest Director Sudhakar Rao.

Ramadorai, formerly chief of the country's biggest IT company TCS, was appointed as Public Interest Director and Chairman of the BSE's Board in March 2010 and retired yesterday after serving BSE for six years.

"The Board placed on record its appreciation for the valued direction and able guidance of Ramadorai that led to multi-dimensional and diversified growth of the exchange," BSE said in a statement.

BSE's governing board has now appointed Rao, Public Interest Director, as chairman of the exchange. The appointment is subject to approval of Sebi, it added.

Currently, there are five Public Interest Directors on the BSE's Board, including eminent chartered accountant Sethurathnam Ravi who was appointed last month.

Previously, Ravi has served on the boards of ONGC, BHEL and Hindustan Aeronautics Ltd. Presently, he is on boards of IDBI Bank, STCI Finance Ltd, Tourism Finance Corporation of India and UTI Trustee Company Pvt Ltd, among others.

Rao, a retired IAS Officer of the 1973 batch, has previously held several positions in state and central government level. On retirement from the government service, he was appointed as a Member of the Public Enterprises Selection Board (PESB) from which post he resigned in 2010.

According to information available with BSE's website, Rao is also an independent director on the boards of Indian Oil Corporation, CMC Ltd and L&T Infrastructure Development Projects Ltd. He is the Group Advisor, Strategy and Development of the Manipal Education and Medical Group.