Capital markets regulator Securities and Exchange Board of India (Sebi) has given its nod to the appointment of Ashish Kumar Chauhan as the new CEO of the National Stock Exchange (NSE), according to sources. Chauhan, who is the current MD & CEO of the Bombay Stock Exchange (BSE), will succeed Vikram Limaye whose 5-year term at NSE ended on Saturday, July 16.
The governing body of the NSE set up a four-member internal executive committee to run the affairs of the company till the new MD & CEO takes charge. For Chauhan’s appointment, NSE will also have to get shareholders’ approval.
Limaye, NSE’s outgoing MD and CEO, on his last day at the bourse said that he has done his best to lead the exchange in a very “difficult period” and to stabilise and strengthen the bourse. Limaye did not seek another tenure at the NSE despite being eligible for it.
It must be noted that his term comes to an end at the bourse amid the NSE facing the regulatory probe in a case pertaining to governance lapses as well as in the co-location matter.
NSE began the hunt for a new managing director and chief executive officer in March this year. Limaye was appointed as the NSE chief in July 2017, following the exit of the exchange’s former MD and CEO Chitra Ramkrishna. He is credited with rebranding the NSE. Trading in derivatives witnessed tremendous growth under his leadership. However, the bourse also suffered an outage last year due to technical glitches.
Meanwhile, he had informed the company’s board that he is not interested in seeking another term and will not participate in the process currently underway. “I have informed the board that I am not interested in pursuing a second term and will therefore not be applying and participating in the process that is underway,” Limaye had told ET in March.
“I have done my best to lead the organisation in a very difficult period and to stabilise, strengthen and transform NSE. We have come a long way in terms of controls, governance, technology, regulatory effectiveness and business growth,” he added.
