Central Depository Services (India) Limited (CDSL) has announced the appointment of Nehal Vora as its new managing director and CEO.
What Happened: Vora, who brings over 25 years of experience in the Indian Capital Markets, will serve a term of five years, starting from September 18, 2024, till September 17, 2029. His past roles include significant positions at BSE, DSP Merrill Lynch, and SEBI.
“His strategic vision aligns CDSL with the overarching growth story of India, aiming to empower every investor with self-sufϐiciency,” the company said in an exchange filing.
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Vora joined CDSL in September 2019 and has since led the company to become a trusted custodian of over 13 Crores demat accounts. The decision, which was made on Thursday, September 13, 2024, was approved by the Board of Directors following recommendations from the Nomination and Remuneration Committee and approval from SEBI.
CDSL was recently fined ₹10 lakh by SEBI for a cybersecurity breach that took place in 2022. The penalty, announced on September 7, 2024, was levied due to CDSL's failure to comply with SEBI's cybersecurity policies and guidelines. However, the company has stated that this payment will not have a financial impact on its operations.
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