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Who is Ashishkumar Chauhan? The Mastermind of India’s Modern Stock Market

Ashishkumar Chauhan, founding member and current MD & CEO of NSE, revolutionised Indian finance by introducing electronic trading and financial derivatives, shaping India’s stock markets into a global powerhouse. Read the article for more information.
Indian Masterminds Stories

Ashishkumar Chauhan isn’t just a name in Indian finance; he’s the architect behind its modern infrastructure. From a founding member of the National Stock Exchange of India (NSE) to its current MD & CEO, Mr Chauhan’s journey has automated and transformed how India trades. Known as the “father of modern financial derivatives in India,” his pioneering work continues to shape the NSE, the world’s largest derivatives exchange, and the Bombay Stock Exchange (BSE), where he previously spearheaded a remarkable revival.

EARLY LIFE AND EDUCATION: THE FOUNDATION OF A VISIONARY LEADER 

Ashishkumar Chauhan’s path to becoming a cornerstone of Indian finance began with a strong academic foundation. His technical prowess was honed at the prestigious Indian Institute of Technology (IIT) Bombay, where he earned his engineering degree. Recognising the critical intersection of technology and business, he furthered his education with a Master of Business Administration (MBA) specialising in finance and strategy from the esteemed Indian Institute of Management (IIM) Calcutta. This powerful combination of technical depth and strategic business acumen provided Mr Chauhan with the unique lens necessary to envision and implement transformative changes within India’s burgeoning stock markets. 

ASHISHKUMAR CHAUHAN AND THE GENESIS OF NSE 

In 1993, Ashishkumar Chauhan played a pivotal role as a founding member of the NSE. This marked a turning point for Indian capital markets, as the NSE was envisioned as a transparent and efficient screen-based exchange. Mr Chauhan was instrumental in establishing the very core of the NSE’s operations. His responsibilities were comprehensive, spanning market operations, membership, clearing and settlement, surveillance, regulatory frameworks, sales, marketing, and the crucial IT infrastructure. A landmark achievement was the creation of the NSE’s screen-based trading system, a revolutionary shift from traditional methods.

He also spearheaded the development of the NIFTY Index, now a key barometer of Indian equities, and the NSE’s certification in Financial Markets (NCFM). Furthermore, Mr Chauhan established the initial information technology infrastructure, including India’s first commercial satellite telecom network connecting brokers nationwide. His early involvement in the conceptualisation of the National Securities Clearing Corporation (NSCCL) and the National Securities Depository Limited (NSDL) laid the foundation for a robust and secure market ecosystem. His innovative work in establishing exchange-traded financial derivatives earned him the title “father of derivatives” in Indian finance.

IMPACT BEYOND NSE 

After his foundational work at the NSE, Ashishkumar Chauhan broadened his experience in the corporate world. In 2001, he embarked on an entrepreneurial venture supported by the Reliance Group, eventually joining Reliance Infocomm. His technological expertise led to his appointment as Chief Information Officer (CIO) of Reliance Infocomm in 2004 and subsequently the CIO for the entire Reliance Group in 2005. Mr Chauhan also showcased his leadership versatility as the CEO of the Mumbai Indians IPL cricket team during its formative years. This diverse experience across telecommunications, technology, and sports management provided him with a unique perspective that he would later leverage in the exchange world.

A DECADE OF DYNAMIC LEADERSHIP 

Returning to the exchange sector in 2009, Mr Chauhan joined the Bombay Stock Exchange (BSE) as Deputy CEO, ascending to the role of CEO in 2012 for a transformative ten-year tenure. He spearheaded a comprehensive revival of BSE, transitioning it into a modern, IT-driven organisation. A key achievement was making BSE the fastest exchange globally with a response time of under 6 microseconds. He introduced mobile trading, significantly enhancing investor accessibility, and implemented a state-of-the-art online real-time surveillance system. Mr Chauhan also strategically expanded BSE’s product offerings to encompass a full spectrum of financial instruments, including equity, currency, interest rate derivatives, and commodities. 

His focus on fostering growth in emerging areas led to BSE taking a leadership position in the Small and Medium Enterprises (SME) Platform, Offer for Sale (OFS), Mutual Funds Distribution through Exchanges, and e-IPOs. By 2018, BSE commanded a significant market share in these segments. 

LEADING NSE IN THE GLOBAL ARENA 

In July 2022, Ashishkumar Chauhan returned to the National Stock Exchange (NSE) as its Managing Director and Chief Executive Officer. Leading the world’s largest derivatives exchange and a top equity exchange by trade volume, Mr Chauhan plays the critical responsibility of ensuring orderly and transparent market operations.

He continues to drive technological advancements in trading, clearing, and settlement infrastructure. Risk management and strict adherence to regulatory compliance remain paramount under his leadership. Mr Chauhan is also a strong advocate for financial literacy, market development, financial inclusion, and innovation within the Indian financial ecosystem. His instrumental role in bringing SGX NIFTY to GIFT City is a significant step in strengthening India’s onshore financial markets. As the MD & CEO of NSE, Chauhan is charting the future course of Indian capital markets on the global stage.


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