SEBI Clears Appointment of Sanjay Shorey, Viral Mody as NSE Executive Directors

The Securities and Exchange Board of India (SEBI) has approved the appointment of 2 Executive Directors at the National Stock Exchange (NSE), following governance norms introduced for market infrastructure institutions (MIIs) last year, as per news reports. 

Viral Mody has been appointed Executive Director for the critical operations vertical, while Sanjay Shorey will oversee regulatory functions, compliance, risk management and investor grievance-related matters. 

Both appointments have been made for a term of 5 years. 

SEBI’s Governance Framework 

In September 2025, SEBI had asked stock exchanges, clearing corporations and depositories to appoint at least 2 Executive Directors across separate operational and regulatory verticals. The timeline for implementing the framework ends in June 2026. 

According to SEBI, the appointments were also aimed at maintaining a balance between commercial objectives and public interest responsibilities at exchanges and other market institutions. 

Background of the Appointees 

Mody has been associated with NSE for close to 2 decades and was serving as the exchange’s Chief Technology Officer (CTO) before being appointed executive director. 

Shorey is currently director general of corporate affairs at the Ministry of Corporate Affairs. He will head the vertical responsible for compliance, regulation, risk oversight, and investor grievance handling. 

Under SEBI’s framework, executive directors will report to the managing director of the exchange. Their appointment and removal process will be similar to the mechanism followed for managing directors at MIIs. 

Recent Board-Level Changes 

SEBI has also approved the appointment of PR Ramesh as a public interest director on NSE’s governing board for a 3-year term effective Wednesday. Ramesh is a former chairman of Deloitte India. 

In the past 2 months, the exchange has added Rajeev Vasudeva as a public interest director and Dinesh Pant as a nominee director representing Life Insurance Corporation of India (LIC). 

Other MIIs are also in the process of making similar appointments. Earlier this year, BSE shortlisted candidates for two executive director positions and submitted the names to SEBI for approval. 

Read More: Petition to Halt Tata Trusts May 8 Board Meetings Filed in Bombay High Court! 

Conclusion  

The appointments come as exchanges and other market infrastructure institutions move to comply with SEBI’s governance framework introduced in 2025. Other entities, including BSE, are also in the process of filling similar executive director positions. 

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