Daijiworld Media Network – Mumbai

Mumbai, Sep 13: National Stock Exchange of India (NSE) CEO Ashish Kumar Chauhan has credited technology-driven reforms for transforming stock trading from a “game of the rich” into a platform for millions of ordinary Indians.

Speaking to NDTV Profit on Friday, Chauhan recalled how NSE’s efforts helped expand the investor base from barely 10 lac in the 1990s to 11.8 cr today. “Only in retrospect, you think it was a disruption. Sometimes you do it out of necessity or whim. Mostly, it is hard work, using new tech—and magic happens,” he said.

An IIT graduate and IIM Calcutta alumnus, Chauhan joined IDBI Bank in 1993 and was among five people chosen to build NSE from scratch. At a time when Bombay Stock Exchange trades took up to 16 days to settle and scams like Harshad Mehta’s rocked the market, NSE introduced satellite connectivity and nationwide trading terminals to bring speed and transparency.

“India had fewer than 10 lakh investors then, and stock trading carried a bad name. Today NSE’s market cap stands at ?450 lakh crore—125 times larger—while 11.8 crore unique PAN holders invest through the exchange,” he said, noting that 25% of traders are now women.

Chauhan emphasized NSE’s role in enforcing corporate governance and pricing transparency. “If companies fail to comply with disclosure norms, we suspend them under SEBI regulations. The power of transparency has brought 8.5 crore households into entrepreneurship,” he added.