Bombay Stock Exchange (BSE) posted its annual results for the year ended March 2024 on Thursday.

What Happened: As per the report, the company’s CEO Sundararaman Ramamurthy was paid a total salary of ₹5.40 crore. This was 417% greater than the ₹1.05 crore he was paid in FY23. However, he joined the company only in January of 2023.

The 61-year-old’s salary for the year was 48 times greater than the median salary of the company. The company’s CFO Nayan Mehta was paid ₹2.15 crore for the year and was the second highest paid employee of the company.

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Ramamurthy, with a distinguished career spanning four decades, has deep insights into the banking and securities markets. He was a crucial member of the founding team of the National Stock Exchange (NSE) in the mid-1990s.

With a background as a cost accountant and a member of the Indian Institute of Bankers, Ramamurthy played a significant role in the development of NSE. Under his contribution, NSE not only challenged BSE but also overtook it, establishing a near-monopoly in certain segments of the market, particularly in derivatives, known as futures & options (F&O).

Before his current role as the managing director and CEO of BSE, he served as the chief operating officer at the Indian arm of Bank of America. In this capacity, he was responsible for the global governance and control of the bank’s operations in India, including the securities segment.

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