Ashish Kumar Chahuan, the current managing director (MD) and chief executive officer (CEO) of the Bombay Stock Exchange (BSE), has been selected as the next MD and CEO of the National Stock Exchange (NSE).

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Confirming CNBC-TV18's newsbreak, Chauhan will replace Vikram Limaye whose term was to have ended as the MD and CEO of NSE on July 16 2022.

Congratulating Chauhan on his appointment, the Association of National Exchange Members of India (ANMI) in a tweet said, "As a member of the core team that founded NSE in 1993, we are confident that you will take the exchange to new heights."

#Congratulations Mr. Ashish Chauhan for being appointed as MD & CEO of @NSEIndia

As a member of the core team that founded NSE in 1993, we are confident that you will take the exchange to new heights.@ashishchauhan #Congratulations#SundayVibes pic.twitter.com/86rdrcuIwW— ANMI (@OfficialAnmi) July 17, 2022

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NSE on March 4 2022 invited applications for the position of the next MD & CEO. Many market participants had expected Limaye to re-apply for the position since the regulations would allow him to have another five-year term at the helm of NSE. However, Limaye expressed his intention of not wanting to give the opportunity another shot.

Chauhan has served as the MD & CEO of BSE for 10 years and completes his term in November this year. According to SEBI regulations, Chauhan will not be allowed to take another term at BSE.

Interestingly, 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.

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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.

(Edited by : Priyanka Deshpande)

First Published:Jul 17, 2022 10:48 AM IST