We are regulators first, business second, says NSE’s Ashishkumar Chauhan

According to fresh market updates, The National Stock Exchange (NSE) will keep prioritise its regulatory responsibilities over commercial considerations after becoming a listed firm, managing director and chief executive officer Ashishkumar Chauhan stated.

He was addressing concerns over the potential conflict between its role as a market infrastructure institution and a publicly listed business. “We are regulators first and a business second,” Chauhan stated during the exchange’s IPO press conference.

His comment came in response to a question on how NSE would manage the inherent conflict of being a first-line regulatory institution while additionally becoming a listed firm, which is accountable to public shareholders.

Chauhan further noted  that whenever there is a conflict, NSE will keep act as a regulator and align itself with SEBI, with the business considerations taking a secondary position.

The offering assumes significance as NSE prepares to list its shares. This will give public market participants an economic interest in the performance of an institution that plays a central role in India’s capital markets. The management stated this structure contributes to NSE’s ability to monitor the market and manage risk.

At the same time, the exchange acknowledged that its large market share and regulatory role make maintaining trust particularly important. “People today generally believe that NSE is a credible place where there is transparency, efficiency and trust,” Sriram Krishnan, chief business development officer, stated during the presentation.

The IPO of the National Stock Exchange of India is set to open for public subscription on September 17 with a price range at Rs 1,700-1,785 per share. The offer will close on September 21. NSE aims to mobilize Rs 22,561.5 crore and is seeking a valuation of Rs 4.42 lakh crore at the upper end of the price range.

The book-built offering comprises only an offer for sale (OFS) of up to 12.64 crore equity shares by 10 existing shareholders, including State Bank of India (SBI), Bank of Baroda, MS Strategic (Mauritius), General Insurance Corporation of India, Canada Pension Plan Investment Board, and Aranda Investments (Mauritius). There is no fresh offering component.