Who is Ashish Chauhan, the next CEO of the National Stock Exchange?
Ashish Chauhan has been the MD & CEO of BSE for ten years and will complete his term in November.
The Securities and Exchange Board of India (SEBI) has appointed Ashish Kumar Chauhan to replace outgoing National Stock Exchange Managing Director and CEO Vikram Limaye (NSE). Limaye's tenure at NSE came to an end on July 16.
The Bombay Stock Exchange's (BSE) current MD and CEO is Ashish Kumar Chauhan.
Chauhan has been the MD & CEO of BSE for ten years and will complete his tenure in November. According to SEBI regulations, Chauhan will not be able to take another term at BSE.
Chauhan co-founded the NSE, where he worked from 1992 to 2000. He was instrumental in establishing India's first fully automated screen-based trading system and the country's first commercial satellite communications network. He also created several frameworks in financial markets, such as the Nifty index and NSE certifications.
From 2000 to 2009, Chauhan was the president and chief information officer of Reliance Group and the CEO of the Mumbai Indians during its early years. From 2005 to 2006, Chauhan held additional responsibilities as Reliance Group's head of corporate communications.
The NSE's governing body has formed an internal executive committee to run the company's affairs until the new MD & CEO takes over.
Yatrik Wing, Group CFO and Head of Corporate Affairs; Priya Subramaniam, Chief Regulatory Officer; Somasundaram KS, Chief enterprise risk and information security officer; and Shiv Bhasin, Chief technology and operations officer, are all on the committee.
When the new MD & CEO takes office, the committee will be disbanded. As per the news report, a formal announcement will be made on July 18.
On July 16, Vikram Limaye stated that he had done his best to lead the exchange during a 'difficult period' and to stabilise and strengthen the bourse. Limaye, whose five-year term expired on July 16, did not seek re-election to the NSE despite being eligible.
The end of Limaye's five-year term as NSE CEO comes as the bourse is under regulatory investigation for governance lapses and the co-location matter.
Limaye took over as NSE CEO in July 2017, following the departure of the exchange's former MD and CEO, Chitra Ramkrishna.
During Limaye's tenure, the exchange's revenues increased from Rs 2,681 crore in FY17 to Rs 8,500 crore in FY22, while net profit increased from Rs 1,219 crore to Rs 4,400 crore. Furthermore, the company's return on equity increased from 17 per cent to 34 per cent during the review period.