The National Stock Exchange’s Managing Director and Chief Executive Officer Chitra Ramkrishna on Friday resigned from her posts for “personal reasons”. Observers are viewing her stepping down months ahead of the NSE’s Initial Public Offering as a consequence of “differences with board members”, PTI reported.

Senior Executive J Ravichandran will takeover as interim chief of the National Stock Exchange till the NSE board, headed by Finance Secretary Ashok Chawla, finds a full-time replacement. The Securities and Exchange Board of India is closely monitoring developments at the stock exchange, as its approval is mandatory for high-level appointments. Officials said Ramkrishna turned down requests to postpone her resignation.

Ramkrishna served the National Stock Exchange since its inception in 1992. Her tenure, which began in April 2013, was scheduled to end in March 2018, the news agency reported. A statement issued by the NSE said “[Ramkrishna] tendered her resignation owing to personal reasons and expressed her desire to step down with immediate effect. The board, while accepting her request, appreciated her sterling contribution to the growth of the organisation.”