BSE’s Ashish Chauhan set to take charge of NSE as its MD & CEO
His appointment has been cleared by the Securities & Exchange Board of India (SEBI) and a formal announcement to this effect will be made by July 18.
New Delhi: Ashish Kumar Chauhan, the current MD and CEO of Bombay Stock Exchange (BSE) is set to take over the new boss of National Stock Exchange (NSE), the biggest bourse in terms of market share.
Chauhan will replace Vikram Limaye, the outgoing CEO of National Stock Exchange (NSE), whose term expired on July 16.
His appointment has been cleared by the Securities & Exchange Board of India (SEBI) and a formal announcement to this effect will be made by July 18.
The elevation of Ashish Chauhan comes as an endorsement of the great work that he did in current stint as the BSE boss. Under Chauhan’s stewardship, the BSE achieved many feats and witnessed exponential rise in the exchange’s growth as well as number of investors subscribing to share markets. The exchange saw robust growth, impressive speed in transactions and also a substantial spike in subscribers.
Chauhan’s tenure with BSE is likely to end in November but he is expected to resign soon after announcement is made about his appointment.
Homecoming for Mr Chauhan
Call it homecoming or crisis appointment, Mr Chauhan is set to return to the exchange from where he started. He was among the founding members of NSE and worked with nation’s biggest exchange from 1993-2000.
In his second stint, Mr Chauhan will face onerous task of steering the exchanged clouded by series of controversies. The IIT & IIM alumnus will have his task cut out as the exchange has been involved in cases of alleged phone tapping while its high-profile promoters landing in trouble.
The NSE has maintained that all loopholes have been plugged but it’s reliability has taken a hit due to these controversies, prompting the market watchdog to keep its operations under close watch.
The NSE is also been planning to go public via an initial public offering (IPO) but hasn’t get clearance by the SEBI, owing to ongoing investigation by interrogation agencies ED & CBI.
The appointment of Mr Chauhan’s at such critical time will only add confidence in investors & will placate market sentiments.