Sebi approves appointment of BSE’s Ashish Chauhan as next CEO of NSE

Ashish Kumar Chauhan is the current MD & CEO of the Bombay Stock Exchange (BSE). hIS second five-year tenure at BSE ends in November. BSE too has started the process to select a new chief.

Chauhan was one of the founders of NSE where he worked from 1992 to 2000. He is best known as the father of modern financial derivatives in India due to his work at NSE. Chauhan joined BSE as Deputy CEO in 2009 and was appointed as CEO in 2012.

Meanwhile, the governing body of the NSE has formed an internal executive committee to run the affairs of the company till the new MD & CEO take charge.

NSE will now have to obtain shareholders’ approval to appoint Chauhan. The exchange has set up a four-member internal panel to oversee the responsibilities of MD&CEO till the new person takes charge.
NSE’s outgoing Managing Director and CEO Vikram Limaye on Saturday said he has done his best to lead the exchange in a very “difficult period” and to stabilize and strengthen the bourse. Limaye, whose five-year term ended on Saturday, did not seek another tenure at the National Stock Exchange (NSE) despite being eligible for it.

The end of Limaye’s five-year term as the NSE chief comes amid the NSE facing the regulatory probe in a case pertaining to governance lapses at the bourse as well as in the co-location matter.

Limaye was appointed as the NSE chief in July 2017, following the exit of the exchange’s former MD and CEO Chitra Ramkrishna. Among various allegations, issues have been raised in various quarters that why an application was not invited at the time when Ramkrishna was appointed as the MD and CEO in 2013.