In another exit, well not as big news as Tata Sons, Subramanian Anand, who was re-designated as Group Operating Officer of National Stock Exchange (NSE) on 1 April 2015, has reportedly resigned from his post. As per our understanding, and information, the Board of Directors of NSE met last week on Friday. During the Board meeting, Mr Subramanian was asked to step down from his post with immediate effect.
Affirming the exit of Mr Subramanian, an official from NSE said, “He (Mr Subramanian) fore-closed his contracts and that has nothing to do with any other things.”
The official from NSE also refused to share any further details. “We do not share board meeting, employee, consultants' terms and details with anyone,” the official said, when asked specifically about the Board meeting and remuneration that was paid to Mr Subramanian.
Mr Subramanian was re-designated as Group Operating Officer from 1 April 2015, as per communication from the MD & CEO's office. The note says, "... I propose to use the facility of our Chief Strategic Advisor (CSA) to reduce my burden. Considering the rich experience and guidance sought from CSA over two years, I propose to bring the following departments under his leadership and direct supervision, which will give me the space for concentrating on other initiatives."
"Effective 1 April 2015, CSA will be re-designated as Group Operating Officer and Advisor to MD, and will handle people management, new business, corporate communication, marketing, business excellence, research and development, pricing, strategic planning and subsidiaries (IISL, DOTEX, NSE Tech & NSE IT). Apart from these, he will continue to assist the MD office, from time to time on various initiatives," the note sent from MD & CEO says.
Earlier, on 1 April 2013, Mr Subramanian was appointed as Advisory Consultant on the NSE Board. "Mr Subramanian brings with him 21 years of rich experience and expertise in various fields and will facilitate advice in the areas as required from time to time from the office of MD & CEO," a note sent by Chandrashekhar Mukherjee, head of Human Resources at NSE says.
An Annual Report of NSE for FY2015-16 mentions Mr Subramanian as Group Operating Officer on page 3 under the title of Management Team. In the same report, Annexure 7(I) to Director's Report has statement pursuant to Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. This statement gives details, like names, designation, remuneration received (by them), experience, date of commencement of employment and previous employment. The Report for FY2015-16 gives all details about Chitra Ramkrishna, MD & CEO, J Ravichandran, Group President & Company Secretary, Yatrik Sen, Chief Financial officer for Group Accounts and Finance, Ravi Varanasi, CEO – SBU Education and Group Head, Dr VR Narasimhan, Chief Regulatory Officer and Mr Mukherjee, the Chief People Officer at NSE. However, there is no mention of Mr Subramanian's name or any of details related with him, including remuneration paid to him.
As per unconfirmed information, Mr Subramanian was paid Rs4 crore per annum as salary, which was the second highest remuneration paid by NSE. Only the MD & CEO received higher salary (Rs7.87 crore gross/ Rs3.60 crore net) than Mr Subramanian.
In an email reply, the official from NSE said Mr Subramanian was working on a contractual basis and hence the remuneration paid to him was not mentioned in the Annual Report. “Only employees' salaries are mentioned in the annual report; contractual amounts for consultants weren't,” the NSE official said.