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Ashishkumar Chauhan is likely to be the next managing director and CEO of leading exchange, the National Stock Exchange (NSE). Sources said the capital markets regulator Sebi cleared his appointment as the MD and CEO of NSE. Ashishkumar Chauhan is currently the MD and CEO of BSE. Sources said Ashishkumar Chauhan will be appointed for a period of five years.

Ashsishkumar Chauhan would be taking the reins of NSE from Vikram Limaye who was eligible for another term. His five-year term as CEO and MD of NSE ended on Saturday.

Chauhan, who is one of the founders of NSE, faces the uphill battle of guiding the exchange at a time when it is facing regulatory probes pertaining to governance lapses as well as a scam related to its co-location facility.

The co-location case resulted in the ouster and later arrest of its former MD and CEO, Chitra Ramkrishna.

Ashishkumar Chauhan, a technocrat from IIT and IIM, is considered the father of modern financial derivatives in India due to his work in the area during 1993-2000.

He also created the Nifty index and was in charge of creating the first screen-based trading. He started his career as a banker with IDBI.

Since 2009, Ashishkumar Chauhan at BSE helped it become the world's fastest exchange with 6 microseconds response time, revived its revenues, introduced mobile stock trading to India, diversified into new areas including currency, commodities and equity derivatives, SMEs, start-ups, mutual fund and insurance distribution, spot markets and power trading.

Apart from this, Ashishkumar Chauhan also has the experience of successfully handling the IPO of BSE. This was one of the attributes NSE was looking for in its next chief.

The NSE has been planning to come out with its initial share sale for a long time. However, its plan to go public got derailed after the bourse got embroiled in the co-location controversy, where certain brokers were allegedly given unfair access to the exchange's data feeds over other members.

On March 4, NSE invited applications from candidates for the role of MD and CEO. The applications were invited from candidates having IPO (initial public offering) experience.

(With PTI inputs)

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