Archive · 8 Aug 2025
NSE CEO: Capital Formation Trumps Derivatives Market Size
The head of India's National Stock Exchange (NSE), Ashishkumar Chauhan, doesn't care if his exchange is the biggest in the derivatives market, which is like trading options and futures.
He thinks capital formation, which is how money grows in the market, is more important.
He explained that although India might have a lot of derivatives trades, the actual value traded is much smaller compared to the US.
He mentioned challenges he faced when he took over the job.
He also noted the exchange has to constantly work to improve things like technology and management.
NSE CEO Ashishkumar Chauhan prefers capital formation over being the largest derivatives market.
Chauhan believes the US has a larger derivatives market based on premium traded, unlike India.
He noted India's market capitalization has grown significantly since 1994.
Chauhan discussed the challenges he faced when joining NSE in 2022 due to past controversies.
He highlighted the need for improvements in NSE's technology and management.
- Who
- Ashishkumar Chauhan, CEO of NSE.
- What
- NSE's CEO's preference for capital formation over being the largest derivatives market.
- When
- Chauhan's statements were made at the BT India@100 event and in discussions about his tenure since 2022.
- Where
- India, specifically referencing the NSE and discussions around global markets.
- Why
- Chauhan prioritizes capital formation and quality of trades over the volume of derivatives contracts traded and also the challenges he faced with NSE.
Those who value Size
Those who value Quality of Trades
Market Focus
Those who value Size
Focus on volume or number of contracts traded
Those who value Quality of Trades
Focus on the value or premium traded
- CEO
- Ashishkumar Chauhan
- Exchange
- National Stock Exchange (NSE)
- Capitalization Growth Since 1994
- 125 times
- Primary Concern
- Capital Formation
- Former Role
- MD and CEO of Bombay Stock Exchange (BSE)