Mixed signals emerge as Ramamurthy completes two years as BSE chief
Mumbai: As Sundararaman Ramamurthy completes two years as Managing Director and Chief Executive Officer of the Bombay Stock Exchange (BSE), his tenure reflects a mix of visible market progress and lingering regulatory and operational concerns.
Over the past year, BSE Ltd’s share price has jumped by about 50 per cent, trading near Rs 2,744 within a 52-week range of Rs 1,227 to Rs 3,030. This performance has been interpreted by some market participants as a sign of improving investor confidence. While the National Stock Exchange continues to dominate overall trading volumes, BSE has recorded gradual gains in the equity options segment, with market share increasing from the low teens to an estimated 18–19 per cent in recent quarters. Ramamurthy has consistently pointed to technology upgrades and an expanded product suite as contributors to this momentum.
Alongside these developments, regulatory and governance issues have also surfaced. On July 19, 2024, the Securities and Exchange Board of India (SEBI) issued a formal warning to BSE over an unauthorised increase in the MD & CEO’s remuneration.
The regulator said the exchange raised the CEO’s pay by 15 per cent from January 2024 without prior approval, in violation of Regulation 27(4) of the SECC Regulations, 2024. SEBI directed the exchange to place the matter before its board, take corrective steps and factor the lapse into the performance appraisal of those responsible.
Investor concerns have further drawn attention to the exchange’s derivatives segment. A complaint dated November 13, 2025, sent to the Prime Minister by Janak Keshriya, president of the NGO Yuvashahi, alleged unusual price and volume movements in Sensex options during the final minutes of trading, despite limited index movement. The complaint described repeated patterns of sharp premium spikes followed by rapid collapses and called for investigation into possible structural or surveillance gaps.
Separately, market participants have flagged episodes of sudden and steep movements in certain Sensex option premiums without corresponding changes in the underlying index, raising questions about the robustness of BSE’s trading infrastructure and monitoring systems.
As Asia’s oldest exchange moves into the next phase of leadership under Ramamurthy, its standing is likely to be shaped not only by market performance and incremental gains, but also by how effectively issues of governance, compliance and market integrity are addressed in the period ahead.
