• History of Bangalore Stock Exchange
     
    Overview Presidents of BgSE Governance of the Exchange Executive Directors BgSE Financials Ltd
    • Overview

      “It was best of times, it was worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of light, it was the season of darkness, it was the spring of hope, it was the winter of despair.” – Charles Dickens – A Tale of Two Cities

      Big things have Small Beginnings

      Long back in the year 1957, a few visionaries got together with the idea of initiating trading in Government Securities. These young entrepreneurs incorporated a firm in the name of “The Bangalore Stock Exchange Association Private Ltd” (BgSE) which was duly registered with ROC on May 28, 1957. This marked the beginning of functioning of BgSE which started in a humble rented room behind Chamber of Commerce building on K.G. Road.

      BgSE was started with an initial Capital of Rupees one lakh divided into 400 shares of Rs.250/- each. But little did its founders realize that down the lane, it would provide food and shelter to thousands of people in Karnataka.

      The First subscribers and Directors of the Company were Dharmaprakasha L.S. Venkoji Rao, Mr. S.M. Ramakrishna Rao, Mr. M S Sambamurthy Jahgirdar, Mr. V Srinivasan, Mr. S. Ramanathan, Mr. R. Jagannathan, Mr. T. G. H. Rao and Mr. P.N. Eshawaraiah. Witnesses for this glorious moment were Mr. L K Srinivasa Murthy and Mr. A. Nanjunda Iyer.

      Before granting recognition to this Exchange, the Government of India insisted that the Exchange should also have a list of its own Companies for Trading in addition to the Trading Members. At that crucial moment, Dharmaprakasha L.S. Venkaji Rao, helped in enlisting quite a number of Companies on this Exchange including a few Plantation Companies and other Companies like Mysore Paper, Mysore Sugar, Mysore ITL on which he also happened to be a Director. With this the Association (BgSE) got recognition from the Ministry of Finance as an Exchange on March 17, 1963 for an initial period of five years. Its name was changed to “The Bangalore Stock Exchange Limited” and it subsequently got permanent recognition in 1983.


      Growth of Membership of BgSE

      Till the year 1976, the BgSE had membership of 17 members which was subsequently increased to 42 following a bonus issue. Number of Members later increased to 84 after a right issue. With the permission of Ministry of Finance, BgSE issued further 40 membership cards to public and professionals at a floor price of Rs 2 Lakhs. Thereafter 14 more cards were issued to Authorized Assistants (AAs) in the year 1990, taking the total number to 140. Another set of cards were issued subsequently in two phases to individuals and corporate members at a floor price of Rs. 15 lakhs and Rs. 25 lakhs respectively. Major portion of funds raised out of the increase of membership was later utilized for purchase of land and building at Infantry Road and J C Road, Bangalore.


      Companies which got Listed on BgSE in the Initial Stages

      The Exchange conducted itself in a very fair and disciplined manner. Its reputation soon reached the corporate circles and BgSE attracted listing of more companies. Some of the companies which got listed in those days were Canara Bank, Canara Land Investment Ltd, Canara Banking Corporation Ltd, Canara Industrial & Banking Syndicate Ltd, Bhadra Coffee Estate Ltd, Balanoor Tea & Rubber Co Ltd, Devan Tea & Production Ltd, Bangalore Printing & Publishing Ltd, General Investment Trust Ltd, Maharastra Apex Corporation Ltd, Mysore Industries and Testing Laboratory Ltd, Mysore Lamp Works, Mysore Tobacco Ltd, Remco, Mysore Coffee Estate, Western India Investments UB Ltd, Mandya Paper Mills, Mysore Chemicals & Fertilizers Ltd, MRF Limited, Mysore Sugars Ltd, United Breweries and Bharat Electronics Limited.

    • President of BgSE

      M L Gopala Shetty(1963-1965 & 1978-1980)

      Mr. M L Gopal Shetty was elected as the first President of BgSE. He served two tenures of two years each as President. During his first tenure, BgSE was granted recognition by the Ministry of Finance as an Exchange in 1963. Mr. Gopal Shetty invited the then Honorable Chief Minister of Karnataka, Mr. S. Nijalingappa, to inaugurate the Exchange.


      Dharmaprakasha L S Venkoji Rao(1965-1966 & 1970-1971)

      Dharmaprakasha L S. Venkoji Rao became the next President of the Exchange. He was instrumental in enlisting quite a number of Companies on the Exchange including a few Plantation Companies and other Companies on which he also happened to be a Director. His efforts helped BgSE in getting recognition as an Exchange.


      Mr. P S Narayana Rao (1966-67)

      Mr. P.S. Narayana Rao, convened a Meeting of the Standing Committee of Presidents of Stock Exchanges in Mach 1967. The Meeting was attended by the Presidents of all the Eight Stock Exchanges which were recognized by the Ministry of Finance at that time and also by the Officials from the Ministry of Finance. This meeting invited wide media coverage to the Exchange.


      Mr. M Nanjappaiah Jahagirdhar (1967-68)

      In 1963, BgSE got initial recognition for five years. During the tenure of Mr. M. Nanjappaiah Jahagirdhar, BgSE got renewal of recognition for a further period of five years from the Central Government.


      Mr. V Srinivasan (1968-1970)

      During the tenure of Mr. V. Srinivasan, BgSE grew in business and reputation.


      H C Nagabhushan (1971-1974)

      Mr. H C Nagabhusan got the first Year Book of the Exchange compiled. It was presented to the then President of India, Shri V V Giri. During his Presidentship, BgSE completed 10 years of service to Investors. To mark the occasion, a function was held at Chamber of Commerce grounds which was inaugurated by Mr. N. Raghunatha Reddy, the then Minister of State, Government of India and on this occasion BgSE released the Directory of companies compiled by the Exchange.


      Alan J. Chaves (1974-75 & 1977-78)

      Mr. Alan J. Chaves held the office of President of the Exchange for two terms and worked for the development of the Exchange.


      K V Shankar (1975-76, 1980-81 & 1983-86)

      Mr. K V Shankar held the post of President for a period of six years. During his period many industry visits were conducted for the benefit of the members which became a practice during the tenure of the succeeding Presidents. The visit of the Chairman of Birla Group of Industries, Mr. G D Birla, was one of the notable events. As the Operations of the Exchange scaled up, BgSE office was shifted from Indian Bank building, K G Road, to the Unity Building.


      Mr. M.N. Venkat Subban (1981-83)

      During Mr. M.N. Venkat Subban’s tenure, the Exchange completed 20 years of existence. BgSE applied to the Government for a permanent recognition. Keeping in view the fast growth of Exchange and the services rendered to the Capital Market by the members, the government was pleased to grant permanent recognition to the Exchange. Mr. Venkat Subban organised an impressive function inviting Sri Janardhan Pujari, Union Minister of State, Finance, as the Chief Guest. Sri M.R. Maiya, Executive Director of Bombay Stock Exchange, also graced the occasion.


      L K Srinivasa Murthy (1986-87)

      During Mr. Murthy’s tenure the Stock Exchange inducted new professional Members. He also played a pivotal role in introducing a clearing system and auction of short sales for smooth settlement of trades. He organized All India Presidents’ Conference, jointly with All India Financial Institutions Association. A laudable achievement during his time was the setting up of the Customer Protection Fund.


      L S Prabhakar (1987-88)

      Mr. Prabhakar was instrumental in further increase in the number of professional members by admitting new members and establishment of professional organization set up to manage the Stock Exchange. He constituted a Committee of senior members to conduct Investors’ conferences at various District Head quarters of Karnataka. He hosted a Seminar on “Challenges of the Emerging Markets” which was presided over by the then Deputy Governor of RBI, and was also addressed by eminent people like Mr Pherwani of UTI, Mr N D Prabhu of Canara Bank, Mr Vallab Bansali and Mr Nimesh Kampani. He also had the privilege of organising Silver Jubilee Celebrations of the Exchange, in December 1987, which was inaugurated by the then Finance Minister Mr. N D Tiwari.


      Krishnamurthy S Lokkur (1988-90)

      Mr. Krishnamurthy S Lokkur was on the Governing Board of BgSE for more than 12 years. Mr. Krishnamurthy was nominated to various Committees of SEBI during the initial days of SEBI. He was also member of the High Power Committee of Stock Exchanges. He was instrumental in setting up of Clearing House jointly with Canara Bank, which was inaugurated by the then Chairman of Canara Bank, Mr. N D Prabhu. Another landmark achieved during his period was the extension in jurisdiction of the Exchange under Section 13 of SCR Act to other parts of the State. He further increased the Membership of the Exchange by inducting Professionals, Corporates, and Individuals as Members. He attended the Conference conducted by World Federation of Stock Exchanges (FIBV) which was hosted by Amsterdam Stock Exchange and enlisted BgSE as Correspondence Member of FIBV. He hosted an Investors’ Conference wherein the then SEBI Chairman, Dr. S A Dave, interacted directly with the investors. He later became Secretary of Federation of Indian Stock Exchanges.


      R Jagadeesh Kumar (1990-93)

      In order to cope with the increased scale of operations and provide better infrastructure to the members and investors, Mr. Jagadeesh Kumar, shifted office of BgSE from Unity Building to UNI Building. Mr. Jagadeesh Kumar is extremely good in public relations and was successful in inviting Mr. G V Ramakrishna, Chairman & Mr C B Bhave, Executive Director of SEBI to visit the Stock Exchange. During his tenure, Infantry Road Property was purchased by BgSE in an auction conducted by Income Tax Department. In this venture, he was ably supported by the then Vice President, Mr. S C Patel, Mr. Krishnamurthy S. Lokkur one of the Directors on the Board and the then Secretary, Mr. Raghavendra Rao.

      During this period, SEBI issued new guidelines on the Governance of the Stock Exchanges mainly impacting constitution of the Governing Board and election of the office bearers of the Exchange. Pursuant to the new guidelines, the President of BgSE was no longer elected directly by the members of the Stock Exchange, but among the Directors on the Governing Body. In compliance to the new SEBI guidelines, BgSE took steps to appoint the Executive Director who was sole in charge of the Exchange’s administration.


      Mr. K R L Raju (1993-95)

      Mr. K R L Raju was the first President elected amongst the Members of the Governing Board. During his tenure, BgSE witnessed further induction of Members. The selection of new members was done in a record time, through a thoroughly professional process of written tests by IIM-B, followed by an interview by the Governing Board. It brought accolades to the Exchange from the Capital Market observers. In the process, Mr. Raju filled the coffers of the Exchange by collecting infrastructure fund from the new Members and BgSE started looking for purchase of a constructed building to house its office. Mr. K.R.L Raju constituted a Building Committee comprising Mr. F. Mahavir Kumar, R. Jagadesh Kumar, Mr. K. Ishwara Bhat, Mr. L.S. Prabhakar and Mr. L.S. Krishnamurthy.


      Mr. F. Mahavir Kumar (1995-96)

      The present building on J.C Road, from where the Exchange is operating now, was purchased during Mr. F. Mahavir Kumar’s tenure from the Thapar group. Within six months of the acquisition of the building, trading operations were automated in a record time, making BgSE the first Exchange in South India and the fourth in the country to have screen based trading system. This resulted in huge increase in the volumes and the Exchange climbed to the 8th position from the 16th position. The management, staff and the members exhibited excellent team work and cooperation to take the Exchange to new heights.


      Mr. K. Ishwara Bhat (1996-97)

      Mr. Ishwar Bhat was the Member of Computerization Committee which selected and purchased the software, hardware and decided rules for computerized trading. He was also the member of the Building Committee which finalized the purchase of Stock Exchange Building. He played a significant role in the formation and incorporation of the subsidiary company, i.e. BgSE Financials Limited.


      Mr. U B Maiya (1997-98)

      Mr. U B Maiya, was actively involved in setting up of Coffee Futures Exchange. During his tenure various Bangalore based companies held IPO related meetings in the Exchange premises. He initiated opening of service centers and additional Trading floors in other centres of Karnataka. The Exchange played a key role in promotion of the Interconnected Stock Exchange at Navi Mumbai.


      Mr. Pankaj Shah (1998-2000)

      Mr. Pankaj Shah became the President of the Exchange in 1998. During his tenure, there was complete transition of the business model of the Exchange. He along with other Regional Stock Exchanges (RSEs) conceptualized the Subsidiary model through which the RSEs could provide facilities to their Members and Investors to trade on NSE and BSE. This model was approved by SEBI on November 8, 1999. BgSE Financials Ltd (BFSL) was incorporated as the Subsidiary of BgSE and it obtained Membership of NSE in May 2000 and BSE in October 2000 in the Capital Market Segment. Members of BgSE got registered with SEBI as the Sub Brokers of BFSL and started trading in “CM” segment of NSE and BSE.

      Mr. Pankaj J. Shah was also a Director and Chairman of the Inter connected Stock Exchange Limited, Navi Mumbai. He was also on the advisory panel on Intermediary Members Committee of SEBI.


      Mr. Jagdish Ahuja (2000-02)

      During his term as the President, the Exchange has witnessed many new business initiatives and tremendous growth. He was also the Chairman on the Board of the Subsidiary Company. During his tenure, BFSL became one of the largest DP of NSDL in Karnataka. He was also instrumental for registering BFSL in the NSE-Derivative segment and in providing opportunity to the Members and Investors of BgSE to trade in “F&O” segment of NSE.

    • Governance of the Exchange

      After the expansion of Trading Terminals by NSE and BSE into hitherto protected jurisdiction of RSEs, the volumes of Trading at RSEs dwindled and trading in most of the RSEs came to halt in 1999-2000. RSEs started trading on NSE and BSE through the Subsidiary route and the parent Exchange mainly concentrated on functions like listing of the securities, Investor education, Administration and maintenance of infrastructure and resolution of investor complaints. This also started an era of having non-broker Chairman on the Governing Board of the Stock Exchange. BgSE was very fortunate to have celebrities and luminaries chairing the Governing council of the Exchange.

      Mr. M. Shankarnarayanan, IAS and former Chief Secretary of the State of Karnataka, became the first Chairman of the Exchange. He was followed by another IAS Officer Mr. R. Ramaseshan, who was also the Chief Electoral Officer of Karnataka.

      Mr. R. Ramaseshan later became the Managing Director of NCDEX. Demutalisation of the Exchange happened under his Chairmanship, wherein the ownership was segregated from the Trading rights. Thereafter, the Board Meetings were chaired by Mr. B.M. Anand, Mr. V.C. Davey and Mr. B.N. Harish, who were holding concurrent charge as Registrar of Companies, Karnataka. Some of the Board Meetings were also chaired by Mr. V.H. Prasad and Mr. Kannan Doss as Shareholder Directors.

      Mr. A. Murali, an expert in Corporate Affairs and Partner of J. Sagar Associates, became the Chairman of BgSE in 2009-2010. During his tenure, the Exchange explored the possibly of tying up with South Korean Exchange which however did not materialise.

      Hon’ble Mr. Justice R. Gururajan, a Legal luminary and former Judge of High Court of Karnataka, became the next Chairman in January 2011. Under his Chairmanship, the Exchange was able to resolve many legal matters including one relating to Stamp duty of the Subsidiary Company.

      Mr. Justice R. Gururajan resigned from the Governing Board of the BgSE in June 2011. Mr. Michael Bastian, a Senior Banker and former Chairman of Syndicate Bank, succeeded Justice R. Gururajan as Chairman of the Governing Board on July 29, 2011. During his tenure, the Exchange initiated tie up with NSE and BSE for Trading under Sec 13 of SCRA. The Exchange went to the extent of finalization of the MoU with the said Exchanges but later this model was deferred due to revised guidelines issued by SEBI on May 30, 2012; which created uncertainty on the longevity of this model.

      Mr. Justice R. Gururajan had his second innings as Chairman of the Board of Directors from June 2014 to April 30, 2015. Justice Gururajan along with other Public Interest Directors met Chairman, SEBI twice to get reduction in outstanding broker fee and other dues payable to SEBI. His efforts helped in expediting grant of “Exit” Order by SEBI.
    • Executive Directors

      In the initial days, the administration and operations of the Exchange were managed by the Secretary of the Exchange. Mr. M. Raghavendra Rao had the opportunity to serve as Secretary of BgSE for more than 27 years and was instrumental in formulating and implementing systems and processes for the functioning of the Exchange.

      Pursuant to SEBI’s Order dated April 20, 1993; all the Exchanges were mandated to have Executive Directors, who were also on the Board of the Exchange by virtue of their office. BgSE has been very fortunate to have professionally qualified and competent persons as Executive Directors of the Exchange.

      Mr. Ramachandra (1994 - 1999), became the first Executive Director of the Exchange. During his period the Exchange shifted to its present office premises at First Cross, J.C. Road which are owned by BgSE. He also assisted in implementation of Screen Based Trading. Mr. Ramachandra was known all over the Exchanges for his knowledge and he was also on the several Committees constituted by SEBI.

      Ms. K. Kamala (1998-2003) who was earlier Manager Finance in the Exchange, was appointed as the Executive Director of the Exchange. She along with Mr. Pankaj J. Shah and Mr. Jagdish V. Ahuja worked for the Subsidiary model. During her tenure, the Exchange floated the Subsidiary namely BgSE Financials Ltd (BFSL). She was instrumental in getting it registered as a Member of NSE & BSE both in Cash and Derivatives segment and operationalization of Trading by the Investors and Members on NSE & BSE through the subsidiary route. It is at her initiative that the Organisation of BgSE and BFSL was restructured to operate at an arms length. Ms. K. Kamala was on the Risk Management Group and Inter Stock Exchange Surveillance Committee constituted by SEBI.

      Mr. M.K. Ananda Kumar (2004-2009), who was earlier General Manager of BgSE and also the Company Secretary of BFSL, took over as the Executive Director of the Exchange from Ms. K. Kamala. He initiated the process of entering into an MoU with NSE and BSE for trading under Sec. 13 of SCRA which however was later deferred. The major challenge during his tenure was Demutualisation of the Stock Exchange pursuant to the guidelines issued by SEBI in 2004-05. A Demutualisation Committee was formed under his Leadership. Mr. M.K. Anand Kumar and his team with the assistance of Members of the Exchange, was able to complete the process of demutualization before the target date given by SEBI.

      Mr. V. Ravi Kumar (2009-2010) took over as Executive Director of the Exchange in and left in September 2010 to pursue his love for teaching. He made efforts to explore possibility of tie up with South Korean Stock Exchange.

      Mr. Manjit Singh joined BgSE as its Executive Director in November 2011. During his tenure, the Exchange went to the extent of finalization of the MoU with the said Exchanges but later this model was deferred due to revised guidelines issued by SEBI on May 30, 2012; which created uncertainty on the longevity of this model. He explored the possibility of amalgamation of BgSE with South based RSEs and also merger of BgSE with national level Stock Exchanges. Finally, on the recommendation of an Experts Committee and approval of shareholders on September 21, 2013, BgSE applied for voluntary surrender of recognition and exit as an Exchange. SEBI approved the application of BgSE by passing an “Exit Order” on December 26, 2014. Mr. Manjit Singh organized Golden Jubilee celebrations of BgSE in March 2013 on a grand scale, as part of which many investor seminars were held all over the State of Karnataka. The State level function held at Bangalore on March 30, 2013 was attended by more than 1600 participants.
    • BgSE Financials Ltd

      With the expansion of NSE and BSE, the trading volumes in all the Regional Stock Exchanges dropped significantly and almost all the exchanges stopped their operations in 1999-2000. In order to help the investors and to compensate the loss of business to of the Regional Stock Exchanges, SEBI permitted the Regional Stock Exchanges to float Subsidiary Companies and take membership of NSE and BSE. Accordingly, BgSE floated its Subsidiary, i.e. BgSE Financials Ltd (BFSL) in 1999-2000 and acquired membership of NSE and BSE in the year 2000 and thus enabled the investors to trade on national level Stock Exchanges. It has more than 150 registered Sub-brokers.

      The subsidiary company, BgSE Financials Limited (BFSL) became a Depository Participant of NSDL in 2000. At present it is servicing more than 1,00,000 investors both in trading and DP related services.

      This write-up is based on an Article published in souvenir brought on the occasion of Golden Jubilee in March 2013 which Article was compiled by Mr. Krishnamurthy S. Lokkur, Mr. I.N. Ashok and Mr. Manjit Singh. The authors put up a disclaimer that this Article was based on the inputs received from various sources which may not be fully authentic. The contributions made by various personalities towards the growth and stability of this Exchange during last fifty years could not be captured in this short Article. The authors expressed their apologies in case they have mixed up or missed the achievements and accomplishments of any of the persons named in this Article or if they have omitted to mention the name of any of the prominent contributors.


      The compilation was published in the souvenir to commemorate the celebrations of the Golden Jubilee of the erstwhile Exchange.

  • Roll of Honours
     
    Past President Past Chairman Past Executive Director Past Directors
    •  
      Past President
         
         
      Name Year
      Shri M.L. Gopala Setty 1963-1956; 1978-1980
      Shri Dharmaprakasha L.S. Venkaji Rao 1965-1966; 1970-1971
      Shri P.S. Narayan Rao

      1966-1967

      Shri M.N. Nanjappaiah 1967-1968
      Shri V. Srinivasan 1968-1970
      Shri H.C. Nagabhushana 1971-1974
      Shri Alan J. Chaves 1974-1975; 1977-1978
      Shri K.V. Shankar 1975-1976; 1980-1981;
      1983-1986
      Shri M.N. Venkatasubban 1981-1983
      Shri M.L. Srinivasa Murthy 1986-1987
      Shri L.S. Prabhakar 1987-1988
      Shri Krishnamurthy S. Lokkur 1988-1990
      Shri R. Jagadeesh Kumar 1990-1993
      Shri K.R.L. Raju 1993-1995
      Shri F. Mahavir Kumar 1995-1996
      Shri K. Ishwara Bhat 1996-1997
      Shri U.B. Maiya 1997-1998
      Shri Pankaj J. Shah 1998-2000
      Shri Jagdish V. Ahuja 2000-2002
    • Past Chairman
         
         
         
        Shri M. Shankar Narayanan, IAS

       

      Shri R. Ramaseshan, IAS

       

      Shri A. Murali

       

      Shri Justice R. Gururajan (Retd.)

       

      Shri Michael Bastian
    • Past Executive Director
         
         
         
         
        Shri Ramachandra

       

      Ms. K. Kamala

       

      Shri M.K. Ananda Kumar

       

      Shri V. Ravi Kumar
    •  
      Past Office Bearers and Directors
         
         
      Name Designation

      Shri C.M. Nagaraja Rao Vice President
      Shri M.G. Chandramohan Vice President
      Shri C.M. Gopalaswamy

      Vice President

      Shri Sharath Chandra Patel Vice President
      Shri P.G. Belliappa Vice President
      Shri M.N. Ramu Vice President
      Shri N.M. Girish Vice President
      Shri M.S. Krishnamurthy Jahgirdar Treasurer
      Shri D.A. Shah Treasurer
      Shri T.S. Gopalakrishna Treasurer
      Shri Ananth R. Hegde Treasurer
      Shri K.R. Krishnamurthy Treasurer
      Shri G. Shivanna Treasurer
      Shri J.K. Ramani Govt. / PR Nominee
      Shri H.B. Datar Govt. / PR Nominee
      Shri S. Krishna Kumar Govt. / PR Nominee
      Dr. Prasanna Chandra Govt. / PR Nominee
      Shri P.R.Bindhu Madhavan Govt. / PR Nominee
      Shri S. Joshi Govt. / PR Nominee
      Shri Pratip Kar Govt. / PR Nominee
      Shri B. Bhavani Shankar Govt. / PR Nominee
      Shri R. Aghora Murthy Govt. / PR Nominee
      Shri KEC Rajakumar Govt. / PR Nominee
      Shri Paul Joseph Govt. / PR Nominee
      Prof. R. Vaidyanathan Govt. / PR Nominee
      Justice K.S. Puttaswamy (Retd) Govt. / PR Nominee
      Dr. Yalaguresh B. Yalawar Govt. / PR Nominee
      Shri S. Jayaraman Govt. / PR Nominee
      Shri P. Srinivasan Govt. / PR Nominee
      Shri S.S. Naganand Govt. / PR Nominee
      Shri V. Sreenivasa Rao Govt. / PR Nominee
      Shri B.S. Patil Govt. / PR Nominee
      Shri C. Gopal Reddy Govt. / PR Nominee
      Shri H. Naginchand Khincha Govt. / PR Nominee
      Justice P.P. Bopanna (Retd) Govt. / PR Nominee
      Shri A. Satyanarayana Govt. / PR Nominee
      Shri B.K. Das Govt. / PR Nominee
      Shri N. Parakh Govt. / PR Nominee
      Shri M. Sankaranarayanan Govt. / PR Nominee
      Justice K. Jagannatha Shetty (Retd) Govt. / PR Nominee
      Prof. S. Sundararajan Govt. / PR Nominee
      Prof. M.P. Vithal Govt. / PR Nominee
      Shri B.M. Anand Govt. / PR Nominee
      Shri R. Sundaraman Govt. / PR Nominee
      Shri Parameshwar G. Hegde Govt. / PR Nominee
      Justice M.P. Chinnappa (Retd) Govt. / PR Nominee
      Prof. M.S. Narasimhan Govt. / PR Nominee
      Shri V.C. Davey Govt. / PR Nominee
      Shri N. Laxman Rao, IAS P.I. Director
      Shri L.V. Nagarajan P.I. Director
      Shri B.N. Harish P.I. Director
      Prof. Sankarshan Basu P.I. Director
      Mr. M. Naveen Kumar P.I. Director
      Mr. B.R. Sudhakara P.I. Director
      Dr. R. Srinivasan Shareholder Director
      Shri Anil H. Lad Shareholder Director
      Shri Apparao Mallavarapu Shareholder Director
      Mr. B.S. Murthy Shareholder Director
      Mr. Kumar Vinod P Nadagouda Shareholder Director
      Mr. R.M. Uday Shankar Shareholder Director
      Ms. V. Jhansi Laxmi Shareholder Director
      Shri Venkatesh N. Murthy Member Director
      Shri M.G. Dattatreya Member Director
      Shri B.V. Narasimhamurthy Member Director
      Shri M.S. Suresh Member Director
      Shri V. Ramu Sharma Member Director
      Dr. B. Venkatachalam Member Director
      Shri A. Rajagopal Gupta Member Director
      Shri S.M. Vijay Member Director
      Shri D.V.N. Raju Member Director
      Shri K.K. Belliappa Member Director
      Shri M.V. Sreedharan Secretary
      Shri M. Raghavendra Rao Secretary


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