On Sunday, SEBI approved the appointment of the new CEO and MD for the National Stock Exchange (NSE). Ashish Kumar Chauhan is currently handling the same position at BSE.
Ashish Kumar Chauhan will be the next Chief Executive Officer (CEO) and Managing Director (MD) of the National Stock Exchange (NSE). He is currently the CEO and MD of the Bombay Stock Exchange (BSE) and his five-year tenure will end in November 2022. He is one of the founding members of the NSE and has an experience of more than 20 years in the industry. Securities Exchange Board of India (SEBI) has approved his appointment and is on the lookout for a new CEO and MD for BSE.
On Sunday, 16 July 2022, Vikram Limaye, the former CEO and MD ended his five-year tenure. He did not apply for the next term even though he was eligible. After the end of his term, he stated that despite the ‘difficult period’ during his term, he has given his best and ensured stability to strengthen the stock exchange’s performance. He also appreciated the journey with the company in the last five years. They have experienced growth in risk management, gaining controls, strengthening governance, market performance, and usage of technology.
Limaye’s tenure started in 2017 and during his period their revenues increased from ₹2,681 crores to ₹8,500 crores. Their net profit in FY17 was recorded at ₹1,219 crores and in FY22 it was reported at ₹4,400 crores.
The applications for the appointment of new CEO and MD were opened on March 4 and the candidates with experience in handling Initial Public Offers (IPO) were eligible. On March 25, the applications were closed and SEBI did not give further updates until July 18 when Ashish Kumar Chouhan was approved as the new MD and CEO for NSE.
About Ashish Kumar Chauhan
Born on 3 September 1967, he started his journey in the industry in 1991. He graduated from IIT Madras and IIM Calcutta. After his MBA from IIM Calcutta, he got campus placement at the Industrial Development Bank of India (IDBI) as a consultant.
In 1993, he was the core member of the team that proposed the National Stock Exchange (NSE) to the government of India. He is one of the founders and has played a key role in NSE’s formation. He worked in maintaining regulations, market operations, sales, marketing, and surveillance. His roles also included building the infrastructure for the market.
His notable contributions include; creating the Nifty Index, he was in charge of innovating the first screen-based trading. He has worked on making the fastest exchange in the world with a record of 6 microseconds as the response time. He introduced mobile stock trading in the country. He has a great contribution to the IPO of NSE he handles the distribution and revenue management. He has explored many areas of the stock market such as commodity trading, power trading, currency exchange, etc. He was mainly chosen for his experience in the IPO field as the board was looking for a candidate to have experience in handling IPO and his expertise in the same will help NSE with their plans for the future.
The company had planned the launch of its IPO but the plan wasn’t executed due to the co-location controversy. With the appointment of Ashish Kumar Chauhan, their plans for IPO can be expected to take action. His knowledge and experience in the industry will prove beneficial for the company. While the selection committee is also looking for a new CEO and MD for BSE as Ashish Kumar will soon complete the formalities and work full-time with NSE.
