Rajnikant Patel, the managing director & chief executive officer (MD & CEO) of Bombay Stock Exchange (BSE), resigned from the designation on 7 Aug’ Thursday. With this, total board-level resignations from the 133-year stock exchange in the last three months totaled up to three. The BSE management refused that the resignations were connected, though people say otherwise that the earlier exits of erstwhile chairman Shekhar Datta and Patel share some common grounds.

 

Mr. Patel, after working with BSE for more than seven years and routing the stock exchange from being an association of members to a corporate entity, has declared that he is quitting due to some ‘personal reasons’. But people, who are aware of the current developments inside the BSE, revealed that Patel has quit due to the same reasons for which Datta had quit in June. A market source further notified that it became difficult for Patel to work as a professional manager with the rising interference of the board in the routine affairs of BSE.