Role / Position Title: Executive Director – Vertical 2 (Regulatory, Compliance, Risk Management and Investor grievance)

Location: Mumbai

Reporting to: Managing Director & CEO

Stakeholders:  Company, Investor, Brokers, Regulators, Shareholders and Governing Board of NSE Clearing Ltd (NCL) 

KMP Classification: Position is classified as Key Management Personnel (KMP) as per SEBI SECC Regulations, 2018 and Companies Act, 2013 & LODR.

Job Summary:

The Executive Director – Vertical 2 (Regulatory, Compliance, Risk Management and Investor grievance) shall be responsible for the strategic leadership, direction and overall management of all functions under Vertical 2 of NCL.

The role ensures that the functions under the Vertical 2 of NCL are performed in the interest of the securities market and are guided by public interest without having any revenue-oriented objectives.

This position is critical for maintaining regulatory integrity, robust risk frameworks and investor trust, aligning with SEBI’s governance mandate for Market Infrastructure Institutions.

Key Responsibilities 

Strategic Leadership and Vision:

To serve as a visionary leader, shaping the regulatory, compliance and risk management framework for NSE Clearing Corporation (NCL) and overseeing adherence to all existing and emerging regulations and risks pertaining to NCL and other directions issued by regulatory bodies.

Provide strategic direction for the market and operational risk management and regulatory compliances, ensuring alignment with the objectives of NCL

 Discharge fiduciary duties in accordance with Companies Act 2013 and SEBI Regulations. 

 Proactively engage with SEBI and global regulators to anticipate policy changes and embed compliance readiness into NCL’s operating model.

 Anticipate regulatory and market developments; proactively adapt policies and processes.

 Develop a multi-year roadmap for regulatory compliance, risk management, and investor protection that aligns with SEBI mandates, global standards and India’s capital market growth trajectory.

Risk Management, Regulatory Compliance and Governance:

Oversee clearing member inspections, identify non-compliance and ensure timely enforcement and deterrent actions are taken by regulatory and compliance department in line with SEBI regulations.

Establish strong compliance culture with robust surveillance, monitoring and reporting mechanisms. Ensure full compliance with SEBI regulations, circulars, and audit requirements.

Develop and enforce internal compliance policies, including whistle-blower programs, conflict-of-interest management, and vendor governance.

Oversee a transparent, efficient, and tech-enabled grievance redressal system supporting the Clearing Members and Clearing banks. 

Ensure fair treatment of investors and market participants and publish periodic grievance analysis for systemic improvements. 

Ensure clearing membership processes (new registrations, additional segment approval, changes in category or control and cessation of membership) are executed by regulatory and compliance team in accordance with the SEBI regulations. 

Ensure review and timely completion of NCL’s compliance activities by regulatory and compliance team, in accordance with the SEBI regulations.

Ensure enforcement related activities are carried out by regulatory and compliance team, in accordance with the SEBI regulations.

Review and oversee comprehensive risk management framework covering operational, credit, liquidity and systemic risks as mandated by SEBI from time to time. 

Managing various areas of risk across the enterprise including, market, operational, process, cyber risk. Reporting to RMC/Board regarding various compliances as per regulatory requirement. Identify, measure, manage and mitigate risks of CC. Forecast financial resources requirements for continued ability to meet the Core SGF contribution requirements. Oversee compliance with SEBI circulars on Risk Management and Regulatory frameworks for MIIs.

Ensuring governance to SEBI/Board laid down procedures/policies/process for all functions under Vertical 2. Ensure proper reporting, providing information, escalating exceptions to various statutory and internal committees and Board.

Risk Culture Leadership: Foster a culture of risk awareness and ethical governance across the organization, ensuring resilience against systemic shocks.

Provide information, participate in various policy level discussion with regulators. 

Present risk dashboards and mitigation plans to the Board.

Establish robust frameworks for crisis management, regulatory reporting and stakeholder communication during stress events.

Oversee investor grievance handling through SEBI’s SCORES platform and internal mechanisms.

Adequacy of resources:

Ensure availability of adequate skilled human resources in all functions under Vertical 2 by focusing on capacity building. Implement strategies in line with regulations ensuring competent talent supports the functioning of Vertical 2.

Reporting structure and Meeting:

The Executive Director of Vertical 2 for all purposes shall report to Managing Director & CEO of NCL. 

Ensuring the reporting of noncompliance of any Acts, rules, regulations, circulars, or directions issued thereunder, quarterly to SEBI. 

Ensuring half yearly report on overall risk management of the MII is submitted to SEBI. 

Report to Governing Board of NCL on quarterly basis on areas concerning the functions under Vertical 2. In addition, where deemed necessary and important, bringing such matters directly to the attention of SEBI.

Team Management & People Leadership:

Lead and develop high-performing, rightsized and multi-functional teams. Cultivate a culture of continuous improvement, actively challenging the workforce to proactively address skill gaps and combat organizational complacency.

Manage and allocate adequate resources in the functions under Vertical 2. 

Lead initiatives for capability building, training, and continuous upskilling, particularly in areas of risk management and regulatory compliance.

Foster the culture of accountability, risk awareness and continuous improvement consistent with regulator’s governance expectations from MIIs.

Take lead in succession planning for key positions in the functions under Vertical 2 to ensure operational continuity and regulatory compliance.

Note: The responsibilities outlined above are indicative and not exhaustive. Additional responsibilities from time to time, consistent with the position, regulatory requirements, and organizational needs may be assigned.

Qualifications: 

Master’s or Bachelor’s degree (MBA/LLM/ MTech/Phd.) in Finance, Law, Business Administration, Economics, Engineering or related field.

Professional certifications: CA / CS / CMA / CFA / FRM or equivalent are desirable  

Experience: 

Minimum 20 years as on 01^st June 2026 (with at least 8 years in a Senior Leadership role) in Clearing Corporations/ Stock Exchange/ Financial Market Infrastructure Institutions / Regulatory Bodies / Banks /Financial institutions / IT Companies / Telecom Companies. 

Engagement with regulators (SEBI, RBI, etc.), boards/committees, and external partners, deep understanding of applicable frameworks.

Knowledgeable in best practices, risk management, regulatory and compliance processes, financial market regulations.