Ashish Chauhan steps in as new MD & CEO of NSE

India's market regulator SEBI has approved the appointment of Ashish Chauhan as the MD & CEO of the National Stock Exchange. 

Mr. Chauhan has an impressive résumé. The 54-year-old man is an engineer from IIT Bombay and a PGDM from IIM Calcutta. He was a part of the founding team of the NSE where he played a major role in developing the derivatives market, setting up the screen-based trading system, commercial satellite communication systems, and the development of the indices.

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He worked at NSE from 1992 to 2000, after which he was the president and chief information officer of the Reliance Group. He was also the CEO of the famous cricket team Mumbai Indians during the early years of the IPL. He is said to have greatly contributed to setting up India's first international exchange in 2017. He joined rival bourse NSE as Deputy CEO in 2009 and was appointed as CEO in 2012 and continues to serve as the same currently.

Mr. Chauhan is said to take over his role at the NSE once his 10-year term at the BSE ends in November. He is succeeding Vikram Limaye whose term ended on Saturday. 

Until Chauhan takes on his role as CEO, a four-man internal executive committee consisting of Yatrik Vin, group CFO and Head of Corporate Affairs; Priya Subbaraman, CRO; Shiv Kumar Bhasin, CTO & COO; and Somasundaram K.S., Chief Enterprise Risk Officer, will be leading the affairs at NSE.

Chauhan will be stepping in as CEO at turbulent times. Following the co-location scandal, governance lapses, and an extended phone tapping case, ex-CEO Chitra Ramakrishna was arrested. NSE has been criticized for its governance lapses which it says it has taken care of.

The appointment of Chauhan depends on his acceptance of the offer made to him & fulfillment of requisite terms and conditions such as approval of the shareholders of NSE. Moreover, Chauhan was key to launching BSE's IPO which was a huge success. So, his appointment could finally assist the troubled bourse to launch its IPO which has been stuck due to regulatory troubles.

Article by Aman Agarwal.

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