BSE’s Ashish Kumar Chauhan likely to apply for the position of NSE’s MD and CEO

It was only on March 4 when the National Stock Exchange (NSE) invited applications for the position of the next Managing Director (MD) and Chief Executive Officer (CEO).

It was thought by many market participants that the incumbent MD & CEO of NSE, Vikram Limaye, would re-apply for the position since the regulations would allow him to have another five-year term at the helm of NSE.

To everyone’s surprise, Limaye expressed his intention of not wanting to give the opportunity another shot. Limaye said: "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. My tenor ends on July 16, 2022. 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. I am grateful to all stakeholders, regulators and government for the support extended to me."

Sources have told CNBC-TV18 that Ashish Kumar Chauhan, the current MD & CEO at BSE, is likely to apply for the corner office at NSE. Chauhan served as the MD & CEO of BSE for 10 years and completes his term in November this year. SEBI regulations do not allow Chauhan to take another term at BSE and, hence, a move for the top job at NSE would make sense.

The last date for submission of applications for NSE’s top position is March 25, as per sources. Chauhan is likely to file his application in the next three to four days. A normal course for identification would follow, once applications are received from all interested candidates.

Interestingly, if selected, it would be Chauhan’s second stint at NSE. Chauhan was one of the founders of the NSE, where he worked between 1992 and 2000. He was instrumental in setting up India's first fully automated screen-based trading system and first commercial satellite communications network. He also created several frameworks including the Nifty index, NSE certifications in financial markets.

From 2000 to 2009, Chauhan worked as the president and chief information officer of Reliance Group and was also the CEO of the cricket team Mumbai Indians in its formative years. Chauhan also handled additional responsibilities as the head of corporate communications for Reliance Group from 2005 to 2006.

Chauhan joined the BSE as deputy CEO in 2009 and was appointed as the CEO in 2012. Now, after a career spanning over three decades, Chauhan is wanting to make a comeback to NSE as its MD & CEO.