Mumbai, Nov. 26: Mr Vivek Kulkarni, an ex-IAS officer, has stepped down from the Board of the Bombay Stock Exchange (BSE) and is believed to have cited lack of corporate governance as a reason for his resignation.
Sources said Mr Kulkarni resigned about two months ago. They, however, did not disclose the reasons for his resignation.
According to sources, he is believed to have objected to the exchange’s proposal to buy Computer Age Management Services, a mutual funds registrar and transfer agent. He had also raised objections to the HR policy pursued by the bourse, among other things, they added.
However, Mr Kulkarni could bot be contacted immediately.
This is not the first time differences are erupting within the BSE Board. In 2008, the then CEO Rajnikant Patel, had resigned following differences. Two directors Shekhar Dutta and Jamshyd Godrej followed him .
TCS vice-chairman, Mr S. Ramadorai is the non-executive chairman of the bourse now.
There are three shareholder directors on BSE board — HDFC’s vice-chairman and CEO. Mr Keki Mistry, Deutsche Borse’s deputy CEO, Mr Andreas Preuss and senior advocate Kolkata High Court, Mr Sudipto Sarkar.
Public interest directors include, Mr Sanjiv Misra and Mr S. N. Menon, both retired IAS officers. The three trading member directors are Ms Deena Mehta, Mr Balkishan Mohta and Mr Uttam Bagri.