The Board of United Stock Exchange, India's newest stock exchange, has announced the appointment of T.S. Narayanasami as its Managing Director & CEO.
United Stock Exchange is the youngest exchange to be opened for trading in financial derivatives in India.
United Stock Exchange of India Ltd. (USE) has 16 of the most respect names in Indian business and finance as its shareholders - Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Canara Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab National Bank, Union Bank, United Bank, Federal Bank, HDFC bank, MMTC, Indian Potash, Jaypee Capital, and Tata Consultancy Services. These 16 institutions not only form the financial backbone of the Exchange but also epitomize the values of integrity and impeccable standards upon which USE stands. The Exchange is a unique Public-Private partnership with about 49% of the equity held by PSUs and the balance 51% by private sector. The paid-up capital of the new exchange is close to Rs 150 crores. A few more reputed Public/Private Banks are also likely to become shareholders. USE is uniquely placed to be highly self-sufficient in infusing huge liquidity and also absorbing the same.
Mr. Narayanasami's appointment as CEO has been approved by the United Stock Exchange's Board and subsequently by regulators SEBI & RBI and the Government of India. As CEO, Mr. Narayanasami will be heading USE's operations which are scheduled to begin shortly. USE also intends to introduce new and modern financial instruments as and when policy makers open up these markets in India.
Mr. Narayanasami comes with over four decades of rich experience in the Indian banking industry. He was the former Chairman and Managing Director of Bank of India, and has also been elected as the Chairman of the Managing Committee of Indian Banks Association (IBA). A Bachelor of Science from Chennai, Mr. Narayanasami's career in banking began when he joined Union Bank of India as a Probationary Officer in 1969. His previous assignments include his tenure as Chairman & Managing Director, Andhra Bank (2004-05); Chairman & Managing Director, Indian Overseas Bank (2005-07); and Executive Director, Punjab National Bank.