NSE: Ashish Chauhan Appointed as New MD&CEO, say Reports
Moneylife Digital Team 17 July 2022

Market regulator Securities and Exchange Board of India (SEBI) has approved the appointment of Ashish Kumar Chauhan as managing director and chief executive officer (MD&CEO) of the National Stock Exchange (NSE). He replaces Vikram Limaye, whose term at NSE ended on 16th July. At present, Mr Chauhan is MD&CEO of BSE.

In a statement, NSE says, "His appointment is subject to acceptance of the offer made to him and fulfilment of terms and conditions including approval from the shareholders of the Exchange."

Quoting sources, a report from Business Line says, "In a letter sent to the NSE, SEBI said that (Mr) Chauhan should be appointed for a period of five years."

Mr Limaye, who was appointed as MD&CEO of NSE in July 2017, announced that he is not looking for a re-appointment when his term ends on 16 July 2022. In a media statement, he said, "I have done my best to lead the organisation in a very difficult period and to stabilise, strengthen and transform NSE. We have come a long way in terms of controls, governance, technology, regulatory effectiveness and business growth."

According to a report from Mint, Mr Chauhan is expected to take over the reins at NSE following the completion of his current term at BSE which comes to an end in September this year.

Till Mr Chauhan completes his term at BSE and takes over his new role, the governing board of NSE has decided to set up a four-member interim committee to manage the Exchange.

"The four-member committee includes Yatrik Vin, group chief financial officer & head corporate affairs, Priya Subbaraman, chief regulatory officer, Shiv Kumar Bhasin, chief technology and operations officer and Somasunadarn KS, chief enterprise risk officer. The committee will be dissolved upon the new MD&CEO assuming office," the release from NSE says.

Mr Chauhan is one of the founding members of NSE, where he worked till 2000. He is best known as the father of modern financial derivatives in India due to his work at NSE. He was instrumental in setting up India's first fully automated screen-based trading system and first commercial satellite communications network. He also created several path-breaking frameworks, including Nifty index and NSE certifications in financial markets.
 
From 2000 to 2009, he worked as the Reliance group's president and chief information officer and was also the CEO of the cricket team Mumbai Indians in its formative years. He also handled additional responsibilities as the head of corporate communications for Reliance group between 2005 - 2006.

Mr Chauhan joined BSE as deputy CEO in 2009 and was appointed CEO in 2012. He is credited with reviving BSE, including making it the fastest exchange in the World with less than six microseconds response time, introducing mobile trading first time in India, state of the art online real-time surveillance system, introducing of several market-leading products like SME, currencies, mutual funds, corporate bonds distribution, offer for sale, and offer to buy.

He was also instrumental in setting up India's first international exchange, "India International Exchange", inaugurated by prime minister Narendra Modi in January 2017 at Gandhinagar, Gift City.

Mr Chauhan has successfully completed the initial public offering (IPO) of BSE, which was pending for over 10 years. BSE IPO was oversubscribed 51 times with close to 12 lakh applications in January 2017.

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NSE Needs Complete Overhaul of Management Role and Responsibility before Appointing a New Chief

Comments
goenkaarun
2 months ago
How criteria of FIT & PROPER PERSON is satisfied in sebi's eye? when
A. Professionally: In 10 years as MD of BSE, it is dying.
B. He failed to develop FNO at BSE.
C. Ethical standards: 80% trade on BSE FNO declared illegal by SEBI.
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