The National Stock Exchange (NSE) announced the appointment of Ashish Kumar Chauhan as its new managing director and CEO.

Chauhan’s appointment is subject to acceptance of the offer made to him and fulfilment of the terms and conditions. These conditions include approval from the NSE shareholders.

According to a report carried by Financial Express, NSE made the announcement after the Securities and Exchange Board of India (SEBI) approved Chauhan’s appointment. 

He will be taking over from Vikram Limaye, whose five-year term ended on July 16. Despite being eligible for another term, Limaye declined to seek a second term. 

Chauhan will take over the job after his second five-year term as the BSE CEO and MD ends in November, or earlier if he resigns from his post. Interestingly, Chauhan was a part of the NSE’s founding team. 

In the meantime, an internal executive committee is expected to run the affairs at NSE. The committee comprises of 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. 

Testing times

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 on candidates with a track record of strengthening corporate governance, experience in a listed company and having led an organisation through an initial public offering.