Ashish Kumar Chauhan on Tuesday assumed charge as managing director and chief executive officer of the National Stock Exchange (NSE).

Chauhan resigned from his last position -Managing Director and CEO of BSE and was relieved of his roles and responsibilities from the exchange on Monday.

He replaced Vikram Limaye, whose five-year tenure ended on 15 July. Limaye did not seek another tenure at the NSE despite being eligible.

Under Limaye, the exchange had seen its revenues rising to around Rs 8,500 crore in 2021- 22 from Rs 2,681 crore in 2016- 17.

Chauhan was part of the founding team of NSE but left it in 2000 for various roles at Reliance Industries group before returning to the stock exchange arena as deputy CEO of BSE in 2009 and then as CEO in 2012.

At NSE, he faces an uphill task of guiding the bourse bogged down by governance lapses, a co-location scam, technical glitches and a phone-tapping probe. Besides, he will need to steer the long-pending initial public offer of the NSE.

NSE has a significant position in the equity derivative segment and a large market share in the cash segment.

The NSE’s public issue was derailed after the bourse got embroiled in the co-location controversy, where certain brokers were allegedly given unfair access to the exchange data feeds over other members. In a regulatory filing to NSE Monday, BSE announced that in the interim, its board has decided that an executive management committee of the exchange would be running its affairs till the appointment of new MD and CEO.

The executive management committee comprises Neeraj Kulshrestha - chief regulatory officer, Nayan Mehta - chief financial officer, Kersi Tavadia - chief information officer, Sameer Patil - chief business officer and Girish Joshi - chief trading operations and listing sales.

At BSE, Chauhan is credited with reviving its revenues, helping it become the world’s fastest exchange with 6 microseconds response time.

BSE has already begun the hunt for a new chief, while an executive management committee of the exchange will be running its affairs till the appointment of the new MD and CEO.

With Inputs from PTI