Central Depository Services (India) Ltd.'s board of directors approved on Friday the appointment of Nehal Vora as the managing director and chief executive officer for another five-year term.
The tenure of Vora, who first took charge as the securities depository firm's MD & CEO in 2019, was scheduled to expire this month.
CDSL's board approved another term for five years, effective from Sept. 18, 2024, till Sept. 17, 2029. The terms and conditions, including remuneration, will be subject to ratification by the shareholders, according to an exchange filing.
CDSL had invited applications for the role of MD & CEO in January. The candidate should have 20 years of professional experience, along with domain knowledge in financial markets and a minimum experience of five years in a leadership role, it had then stated.
Vora, who will continue to head CDSL, is seen as an industry veteran with over 25 years of experience in Indian capital markets. Before joining CDSL, he held significant roles at organisations like BSE Ltd., DSP Merrill Lynch, and the Securities and Exchange Board of India.
Under Vora’s term, the total number of demat accounts under CDSL crossed the 13-crore mark. The company is also the only securities depository listed on a stock exchange in Asia.
Shares of CDSL settled marginally higher at Rs 1,381.45 apiece on the NSE, compared to a 0.13% decline in the benchmark Nifty. The announcement on Vora's second term was made by CDSL after the market hours.
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