The National Stock Exchange of India (NSE), the country's largest stock exchange, is gearing up for its initial public offering (IPO) expected to hit the market next week. This pivotal event will be the fifth listing in India's market infrastructure space where Ashishkumar Chauhan, the current Managing Director and Chief Executive Officer of NSE, has played a crucial role.
Chauhan's involvement in the NSE IPO will cement his unique position as the only MD & CEO in India under whom two of the nation’s biggest stock exchanges have gone public. He previously served as MD & CEO of the Bombay Stock Exchange (BSE), India's second-largest stock exchange, which was listed in February 2017 during his tenure.
Details of the NSE IPO
According to Bloomberg, NSE's public issue is anticipated to launch around September 18, aiming to raise approximately Rs 25,000 crore, making it one of India's largest public offerings. The indicative price band for the shares is reportedly set between Rs 1,700 and Rs 1,785 per share, with the offer size representing 5.5 percent of the company's total outstanding shares.
A Legacy in Market Infrastructure
Ashishkumar Chauhan rejoined NSE as MD & CEO in July 2022, having been part of its original five-member founding team in the early 1990s. He is widely recognized for establishing modern exchange-traded financial derivatives in Indian markets at the NSE from 1995 onwards, earning him the moniker 'father of derivatives' in India.
Beyond BSE and the upcoming NSE IPO, Chauhan's influence extends to other significant listings:
- CDSL: Central Depository Services (India) Limited, in which BSE held a significant stake, was also listed in 2017.
- Protean eGov Technologies: Listed during Chauhan’s tenure at NSE, where NSE Investments Ltd, an arm of NSE, held a 24.77 percent stake and was a selling shareholder.
- NSDL: National Securities Depository Limited, with NSE directly holding a 24 percent stake, was listed in August 2025.
A mechanical engineer by training, Chauhan was instrumental in setting up NSE's fully computerized, screen-based trading platform via a nationwide satellite network at a time when basic landline phones were a luxury in India. His autobiography notes that NSE matched BSE's daily turnover in just 11 months and surpassed it by 1.5 times within 18 months, despite BSE being established in 1875.
Throughout his distinguished career, Chauhan has also contributed to various committees constituted by government bodies such as the Department of Posts, Direct Taxes, SEBI, and the Forward Market Commission, further solidifying his impact on India's financial landscape.