Limaye had declined to seek a second term at the exchange despite being eligible. Chauhan, who was part of the NSE’s founding team, will take over the bourse’s top job after his second five-year term as MD and CEO of BSE ends in November, or earlier if he resigns from his post.
The National Stock Exchange (NSE) on Sunday announced the appointment of Ashish Kumar Chauhan as its new managing director and CEO. NSE said Chauhan’s appointment is subject to acceptance of the offer made to him and fulfilment of the terms and conditions, including approval from the NSE shareholders.
The announcement came after the Securities and Exchange Board of India (Sebi) approved the appointment of Chauhan as the bourse’s new MD & CEO. He will be taking over from Vikram Limaye, whose five-year term ended on July 16.
Limaye had declined to seek a second term at the exchange despite being eligible. Chauhan, who was part of the NSE’s founding team, will take over the bourse’s top job after his second five-year term as MD and CEO of BSE ends in November, or earlier if he resigns from his post.
In the meantime, an internal executive committee is expected to run the affairs at NSE. The committee comprises the following: Group CFO and head of corporate affairs Yatrik Vin; chief regulatory officer Priya Subbaraman; chief enterprise risk and information security officer Somasundaram KS and chief technology and operations officer Shiv Kumar Bhasin. The committee will be dissolved after the new MD & CEO assumes office.
Chauhan’s appointment comes at a time when NSE is facing regulatory investigations with regard to governance lapses as well as a scam related to its co-location facility.
Former chief Chitra Ramkrishna is also being probed for running the exchange operations at the behest of an unnamed yogi. In March, the NSE advertisement, seeking a new chief, had stressed candidates with a track record of strengthening corporate governance, experience in a listed company, and has led an organisation through an initial public offering.
