Top share custodian SHCIL gets new MD, CEO NGS Ramesh

MUMBAI: Top IDBI executive NGS Ramesh has been appointed as the new chief executive officer and managing director of Stock Holding Corporation of India (SHCIL), one of country’s top share custodian with assets of over $85 billion under it. SHCIL saw its fortunes tank after reports of irregularities in its functioning and allegation of financing brokers related to infamous Ketan Parekh scam.
Ramesh, who confirmed to ET that he took charge of SHCIL on July 28, held general manager (vigilance) post at IDBI last. He took over the reins of SHCIL from Ashok Motwani, who has joined IDBI as chief general manager.

Former India head of BNP Paribas’ custody business Viraj Kulkarni was another frontrunner for the top job at SHCIL. Kulkarni was responsible for growing BNP’s custody business at around 40% in India in a year and prior to it he headed Citi Bank and J P Morgan’s custody business.

SHCIL, which has diversified into several businesses including gold coin retailing without a clear focus, requires a roadmap for competing global custodians. SHCIL has always been viewed as a quasi-government company. Its shareholders include IDBI Bank, IFCI, SUUTI, the four government-owned insurance companies and ICICI Bank.

Ramesh has done a Post Graduate Diploma in Investment and Financial Management under Department of Economics from Pune University and has 21 years of experience in banking industry.