SEBI: Ashish Chauhan to take over as new NSE chief
According to those with direct knowledge of the situation, the Securities and Exchange Board of India (SEBI) on Sunday approved the appointment of Ashish Chauhan as the new CEO of the National Stock Exchange of India (NSE), the largest stock exchange. from the country. Chauhan currently holds the positions of Managing Director and CEO of the Bombay Stock Exchange (BSE). By November of this year, he will have served the stock exchange for ten years.
“Chauhan was appointed for a 5-year term by the regulator. A formal announcement is expected later today or tomorrow,” said one of the people quoted above.
According to a second source, Chauhan is expected to take over the reins of NSE once his current tenure at BSE expires in September this year.
Until Chauhan completes his term at BSE and assumes his new position, NSE’s business will be managed by a temporary four-member committee.
Yatrik Vin, Group Chief Financial Officer and Head of Corporate Affairs; Priya Subbaraman, Head of Regulatory Affairs; Shiv Kumar Bhasin, Chief Technology and Operations Officer; and Somasunadarn KS, Chief Enterprise Risk Officer, constitute the four members of the committee.
Chauhan graduated from IIM Kolkata and is a Mechanical Engineer from IIT Bombay. Ashish was appointed head of IDBI Bank in 1991.
He is renowned for improving screen trading and financial derivatives in India. He was one of the first employees of NSE from 1992 to 2000.
Under his leadership, the BSE has taken a leading role in the development of platforms for small and medium-sized enterprises (SMEs), offers of sale (OFS) and the distribution of mutual funds on the exchange.
Ashish was responsible for many activities at the NSE including Membership, Clearing and Settlement, Supervision, Sales, Marketing, IT and Property Management.
After Vikram Limaye’s mandate ended on July 16, he was appointed. Limaye had decided not to extend his term when he was qualified.
About Ashish Chauhan
Ashish Kumar Chauhan is an Indian business leader who is the chancellor of the university. He is currently the Managing Director and Chief Executive Officer (BSE) of the Bombay Stock Exchange. Ashish is a board member of IIM Raipur, one of the top business schools in India. Ashish is considered one of the leading authorities on Indian financial market laws, information technology, organized retail, telecommunications and social issues. He is well known in India as the inventor of modern financial derivatives.
A mechanical engineer from IIT Bombay and an alumnus of IIM Calcutta, Chauhan was hired in 1991 as an officer by the Industrial Development Bank of India (now known as IDBI Bank).
National Scholarship of India
In 1993, the government proposed a stock exchange within the National Stock Exchange, giving it its big chance (NSE). From 1993 to 2000, Chauhan, a member of the core group that formed the NSE, was in charge of establishing the stock exchange’s equity and derivatives markets. At NSE, he was responsible for market operations, membership, clearing and settlement, monitoring, sales, marketing, IT and property management, among others.
The NSE-50 (Nifty), India’s most actively traded derivatives index, NSE Certification in Capital Markets (NCFM), Screen IPO and many other innovations in Indian capital markets were all made possible through Chauhan’s involvement in building the NSE’s business infrastructure. Ashish played a crucial role in establishing the first information technology infrastructure, including the first commercial satellite telecommunications network of the NSE in India.
The National Securities Clearing Corporation (NSCCL) and the National Securities Depository Limited (NSDL) were conceptualized by him.
Along with two other people, he reviewed NSE’s risk management system. Impact costing, a metric the team developed to gauge equity liquidity, has since become commonplace. Ashish is considered the “Father of Derivatives” in Indian finance because he established contemporary exchange-traded financial derivatives in Indian markets.
After leaving NSE in 2001 to start his business with funding from Reliance Group, Chauhan started working for Reliance Infocomm shortly. Chauhan was appointed Chief Information Officer (CIO) of Reliance Infocomm in 2004. In 2005, he was promoted to Chief Information Officer of Reliance Group. During his early years, he was the CEO of the Mumbai Indians cricket team, owned by Reliance Industries.
After leaving Reliance Industries, Chauhan joined BSE as Deputy Managing Director in 2009 before being named CEO in 2012. He is credited with revitalizing BSE, making it the world’s fastest growing exchange with a reaction time of less than 6 microseconds, and introduces mobile trading. , a state-of-the-art real-time online monitoring system and several market-leading products.
In addition, he was in charge of the complete overhaul of BSE, adding commodities, interest rate derivatives, currencies and the full range of equity products. Under his leadership, BSE has taken a leading role in the development of platforms for small and medium-sized enterprises (SMEs), sales offerings (SFOs), mutual funds distributed through exchanges and e-IPO, among other initiatives. ESB controls over 70% of the market in these areas as of October 2018.
In 2012, BSE became the first exchange in the country to introduce a specialized SME platform to list small and medium enterprises, thanks to Ashish’s vision and leadership. With around 275 SME listings as of October 2018, of which 54 have successfully grown and migrated to the main board of the Exchange, BSE’s SME segment is the market leader of its kind in India.
As a big proponent of equity inclusion, in 2013 he pushed BSE to develop a mutual fund distribution platform – BSE StAR MF. One of the most popular platforms in the mutual fund ecosystem is this web-based transaction processing platform with a fully automated online mutual fund collection and settlement system.
The BSE StAR-MF platform, which holds a nearly 80% market share among exchange-distributed funds as of October 2018, is India’s largest digital platform for mutual fund distribution. For all parties involved in the Indian mutual fund industry, the stability and scalability of BSE StAR MF has combined with the speed of resolving distributor queries through real-time contact to create the optimal ecosystem.
Ashish played a key role in establishing India International Exchange, India’s first international exchange, which was opened in Gandhinagar, Gift City, in January 2017 by the country’s Honorable Prime Minister, Shri Narendra Modi . India INX is the first exchange to provide a single platform for multiple assets including stocks, commodities, currencies and interest rate derivatives. Additionally, it is the first exchange to include gold options.
Ashish successfully completed BSE’s IPO, which had been delayed for more than ten years, in January 2017. BSE’s IPO received bids for 550.8 million shares against the 10.8 million shares offered, resulting in a 51-fold oversubscription.
Under Ashish’s leadership, BSE began trading gold and silver contracts in October 2018 to mark its entry into the commodity derivatives market and become India’s first universal exchange. He now has all asset classes in his portfolio, including stocks, mutual funds, currencies and commodities.
Awards and honors
2017 Distinguished Fellow, Institute of Directors,
Distinguished Alumnus Award – IIM Calcutta: 2016
CEO of the Year, Diamond Saber Awards, Hong Kong
HR Patil Award for Excellence in Financial Services
· Distinguished Alumnus Award, IIT, Bombay
Zee Business Award, 2013
TOP 50 CIOs, Information Week, USA, 2009
He is Chairman of the Board of Governors of NIT Manipur. He is an Independent Director of ICSI Insolvency Professionals Agency, which is a wholly owned subsidiary of the Institute of Company Secretaries of India.
He is President of the South Asian Federation of Exchanges, a 28-member forum from the SAARC region and surrounding countries. The objective of the forum is to provide a forum for the sharing, exchange and promotion of technologies, experiences and regional and global integration through the development of capital markets.
In order to raise corporate governance standards for listed companies in India, he is a member of the SEBI Committee on Corporate Governance. He is an advisor to the Central Board of Direct Taxes and the Asia-Pacific Investment Council (CBDT).
Edited by Prakriti Arora