NSE CEO Ashishkumar Chauhan's Pay Jumps Over 40% Ahead Of Mega IPO

The remuneration of Ashishkumar Chauhan, managing director and CEO of the National Stock Exchange (NSE), has risen more than 40% over the last two financial years, as the exchange moves closer to its long-awaited public listing, according to its draft papers.

Chauhan received ₹15.8 crore in remuneration in FY26, a 41% increase from his FY24 pay of ₹11.2 crore, as per the NSE's Draft Red Herring Prospectus (DRHP).

Chauhan was appointed managing director and CEO of NSE in July 2022 for a period of five years. At the time of his appointment, his basic salary was fixed at ₹36 lakh per month, with a special allowance of ₹16 lakh. He was also entitled to annual performance-based variable pay of ₹2.8 crore, house rent allowance of about 50% of his basic salary, leave travel allowance of ₹80,000 per annum, and other allowances, according to the DRHP.

Chauhan's Background

Chauhan holds a bachelor's degree in mechanical engineering from the Indian Institute of Technology, Bombay, and a post-graduate diploma in management from the Indian Institute of Management, Calcutta. He has previously served as managing director and CEO of BSE Limited, president and group chief information officer at Reliance Industries Limited, vice president of NSE, and industrial finance officer at IDBI Bank Limited.

He currently serves on the board of the Indian Institute of Management, Calcutta, is a member of the University Grants Commission, and is chancellor of the University of Allahabad, among other roles.

IPO Details

NSE, India's largest and the world's most active derivatives exchange, filed its DRHP with the Securities and Exchange Board of India (SEBI) on June 17. The issue is expected to raise around ₹30,000 crore, making it one of the largest IPOs in India's capital market history and one of two mega IPOs expected in the country this year, the other being Reliance Jio.

The issue is entirely an Offer for Sale (OFS) comprising 14.89 crore shares. State Bank of India will be the largest seller, offloading 2.475 crore shares at a weighted average acquisition cost of ₹0.80 per share. Bank of Baroda will sell up to 10.99 million shares, acquired at an average cost of ₹0.54 per share, while Stock Holding Corporation of India plans to divest up to 10.89 million shares purchased at ₹0.46 apiece.

Foreign investors including MS Strategic (Mauritius), CPPIB and Aranda Investments are also among the top contributors to the offer.

NSE had first filed draft papers for an IPO in 2016, but the plan was shelved following regulatory scrutiny, delaying the process for years.

Notably, NSE will pitch its IPO to over 30 global investors this month as a bet on the country's financial expansion and growing capital-market participation, according to a Reuters report. Investor meetings are set to begin next week, with listing expected around October.