Sebi clears appointment of Ashish Chauhan as NSE chief

MUMBAI: The Securities and Exchange board of India on Sunday cleared the appointment of Ashish Chauhan as the new chief of the largest Indian stock exchange, the National Stock Exchange of India (NSE), said people with direct knowledge of the matter.

At present, Chauhan serves as the managing director and chief executive officer at the Bombay Stock Exchange. He completes his 10-year stint at the bourse in November this year.

“Chauhan has been appointed for a term of five years by the regulator. An official announcement is expected later today or by tomorrow,” said one of the persons cited above.

It is expected that Chauhan will take over the reins at NSE following the completion of his current term at BSE that comes to an end in September this year, said a second person.

A four-member interim committee will be taking care of the affairs of NSE until Chauhan completes his term at BSE and takes over his new role.

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 K S , chief enterprise risk officer.

Chauhan is a mechanical engineer from IIT Bombay and alumnus of IIM Kolkata. It was in 1991 that he was appointed as an officer of IDBI Bank.

He is credited for modernizing of financial derivatives in India, screen based trading. He is one of the founding members of NSE where he worked from 1992 to 2000.

Under him, BSE has taken leadership position in setting up Small and Medium Enterprises (SME) Platform, Offer for Sale (OFS), Mutual Funds Distribution through Exchanges.

Chauhan‘ s appointment comes after Vikram Limaye’s term ended on 16 July. Limaye had decided against extending his term even though he was eligible for it.