Arkinstall stepped down after he and the other directors of failed financier Dominion Finance were accused by the Securities Commission of making false statements in the 2007 Dominion and North South Finance prospectuses and investment statements.
Arkinstall, who has headed up the ISI for the past 10 years, said the charges meant it wasn't appropriate for him to continue as chief executive.
ISI chairman Sean Carroll says the chief executive position is a key role within the ISI management structure.
"It is therefore important the right candidate is selected and that the process is not unduly rushed."
He says in the interim the ISI team will continue to progress the strategy that has been defined by the Board, and will ensure ongoing momentum of key initiatives.
Carroll says an update on the recruitment process will be provided as soon as more information becomes available.
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