With its initial public offering (IPO) opening for subscriptions on October 31 and closing on November 4, eyewear retailer Lenskart is poised to make its eagerly anticipated market debut. In order to raise new funds and give early investors a sizable exit opportunity, the business has set the price range at INR 382–402 per equity share of face value INR 2. Supported by billionaire Radhakishan Damani, Lenskart’s initial public offering (IPO) is one of the year’s most anticipated in India’s rapidly expanding consumer technology sector.
October 30th is the planned date for the anchor investor allocation. Bids must be made in multiples of the lot size, which has been fixed at 37 equity shares. With a fresh issuance of INR 2,150 crore and an offer for sale (OFS) of up to 12.75 crore shares by promoters and current investors, the overall issue size is projected to be around INR 7,278 crore, or roughly INR 5,128 crore at the top end of the price range.
How Lenskart Plans to Utilise Proceeds?
Promoters and early investors will sell 12.75 crore shares through an offer for sale (OFS), while the business intends to raise INR 2,150 crore through a new share issuance. The new issue’s proceeds will be utilised to improve brand and marketing campaigns, fortify technology infrastructure, and open more company-owned stores.
Investor confidence in Lenskart’s development potential is demonstrated by the IPO, which comes after a pre-IPO investment of INR 90 crore from DMart founder Radhakishan Damani. Alpha Wave Ventures, Temasek, Kedaara Capital, and SoftBank are among the current investors in the eyewear company. After Tata Capital, HDB Financial Services, and LG Electronics, Lenskart’s IPO is expected to rank as the fourth-largest public offering of 2025 with this offering.
Lenskart’s Dominance in India’s Eyeware Sector
Peyush Bansal founded Lenskart in 2008 as an online platform for eyewear. Since then, it has grown into an omnichannel retailer with more than 2,500 locations in Southeast Asia, the Middle East, and India. It has been able to scale quickly while maintaining affordability and high margins thanks to its vertically integrated business model, which spans design, manufacture, and retail.
With revenue of INR 6,625 crore, up 22% year over year, Lenskart declared a net profit of INR 297 crore in FY25, a significant turnaround from a loss of INR 10 crore in FY24. Stronger brand engagement, more cost-effectiveness, and benefits from its technology-led model were cited by the corporation as the reasons for its better success.
Quick Shots
•Lenskart’s IPO opens on October 31 and closes on
November 4, 2025.
•Anchor investor allocation is scheduled for October
30.
•Fixed at INR 382–INR 402 per equity share of face
value INR 2.
•Investors can bid in multiples of 37 equity shares.
In an effort to improve the efficiency and transparency of major trade execution, the Securities and Exchange Board of India (SEBI) has released a circular for the implementation of a revamped block deal framework for stock exchanges. In order to prevent price manipulation, the block deal mechanism permits pre-negotiated agreements between parties to be carried out on the exchange during certain windows and under stringent guidelines. With a minimum order quantity of INR 25 crore, the price range will be ±3% of the reference price.
According to current standards, the minimum order size is INR10 crore, and the pricing range is ±1%. The order size was last adjusted by SEBI in October 2017. Since orders less than INR 25 crore will occur in the regular market, the higher threshold is anticipated to increase liquidity.
Two Specific Windows of Block Deal
There are two distinct times that block deals are available: 8:45 AM to 9:00 AM in the morning and 2:05 PM to 2:20 PM in the afternoon. According to the SEBI circular, the closing price of the stock the day before would serve as the reference price for executing block deals during the morning window.
The volume-weighted average price (VWAP) of trades made in the stock on the cash segment between 1:45 and 2:00 PM will serve as the reference price for the afternoon window.
Before the afternoon session begins, stock exchanges will compute and distribute the relevant VWAP between 2:00 and 2:05 PM. EffectiveDecember 7, 2025, the Sebi circular will be in force. According to the Sebi circular, the aforementioned clauses will also apply to the block deal window during the optional T+0 settlement cycle.
The 1st Framework was Introduced in 2005
As markets have expanded and block deal sizes have increased, regulations pertaining to these transactions have been re-examined. Since its initial release in 2005, the framework has undergone a number of reviews.
Although one of the exchanges had proposed a ±2% price range, a working committee on the matter had recommended a ±5% price range for the morning block transaction window and a ±3% price range for the afternoon trading window.
The working group had suggested raising the ceiling, citing the nearly threefold increase in benchmark indices over the previous ten years as justification. It was desirable to raise the restrictions since markets were becoming deeper and larger. 90% of block deals were larger than INR 14 crore, 75% larger than INR 26 crore, 60% larger than INR 50 crore, and 50% larger than INR 84 crore, according to SEBI’s analysis of the data from FY25 block deals at the NSE. Therefore, the order size needed to be reviewed.
Quick Shots
•Circular issued to enhance transparency and
efficiency in major stock trades.
•Threshold increased from INR 10 crore to INR 25
crore to boost liquidity and prevent market manipulation.
•New rules applicable from December 7, 2025,
including optional T+0 settlement cycle.
•Block deal framework first introduced in 2005;
reviewed multiple times as markets grew.
Groww, an online investing platform, has submitted a revised draft prospectus for an IPO of INR 6,000–7,000 crore to the Securities and Exchange Board of India (SEBI). The transaction would consist of an offer for sale (OFS) of 574 million shares valued at about INR 5,000–6,000 crore and a new issuance of INR 1,060 crore.
As previously reported by ET, the Bengaluru-based company plans to IPO in November at a valuation of $7-9 billion. Peak XV Partners, Y Combinator, Ribbit Capital, Tiger Global, and Kauffman Fellows Fund are among the investors taking part in the OFS. One million shares will also be sold by the company’s founders, Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, who together own 27.96% of the business.
After submitting confidential draft documents to the market regulator in May, Groww was granted permission by SEBI to proceed with its initial public offering (IPO) last month.
Groww’s Financial Performance in FY25–FY26
Kotak Mahindra Capital Company, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors are among the issue’s book running lead managers. The company’s net profit increased 11% from the previous year to INR 1,824 crore in FY25 and INR 378 crore in the June quarter of FY26. FY25 revenue was INR 4,056 crore, a 31% increase from the previous year. Groww intends its recent expansion into commodities, wealth management, margin trading facilities (MTF), and loans secured by shares to fuel its future growth.
The company’s NSE active clientele increased from 10.92 million to 12.58 million as of June 30. Derivative active users decreased 28% year over year in Q1 FY26 as a result of the regulator’s increased scrutiny of futures and options (F&O) trading, while fees and commission income decreased 17.5%.
Nonetheless, Groww’s average daily turnover increased 18.2% to INR 9,276 crore during that time, and its retail F&O market share increased from 9.69% to 14.43%. After executing a reverse flip of its parent company from the US to India, Groww is one of the first firms to pursue an initial public offering (IPO). Based on a recently determined fair market value, the company paid US taxes of INR 1,340 crore ($160 million), which is 30% less than the $3 billion valuation at which it last raised capital in 2021.
Future Plans of Groww
Groww has so far raised roughly $596 million in equity capital, according to Tracxn. As per media reports of March 26, it just secured a $200 million round backed by GIC and Iconiq Capital at a valuation of $7 billion. Subject to SEBI’s clearance, the company has also finalised a deal to pay $150 million in cash to acquire the wealthtech platform Fisdom, which is funded by PayU.
In addition, it is getting ready to launch W, a new wealth management platform aimed at long-term investors, to compete with rivals like Dezerv and Ionic Wealth, which is financed by Angel One. Groww, which began as a mutual fund investment platform when it was founded in 2016 by former Flipkart executives Keshre, Jain, Singh, and Bansal, is currently the largest stockbroker in India by active clients, according to NSE data.
The platform added 9.45 million new demat accounts between June 2024 and June 2025, whereas the industry added 36.66 million during the same time frame.
Quick
Shots
•Issue structure: OFS of around INR
5,000–6,000 crore + fresh issue of INR 1,060 crore.
•Planned IPO in November at $7–9
billion valuation.
•Founders to sell 1M shares; currently
hold 27.96% stake.
•Reverse flip from US to India led to
INR 1,340 crore ($160M) US tax payout.
SEBI announced changes on 12 September that will eliminate redundant paperwork for low-risk foreign investors such as sovereign wealth funds, central banks, and retail funds, and loosen minimum dilution requirements for IPO-bound businesses. The easing coincides with an increase in international outflows, which are being fuelled by high US tariffs, poor profitability, and high valuations. In 2025, foreign investors withdrew $11.7 billion from Indian debt and stocks.
By requiring two executive directors and separating the tasks of regulatory compliance (risk, investor complaints) and vital operations (trading, clearing, settlement), it also strengthened stock exchange governance. The minimum public offer for issuers with a market capitalisation of INR 1–5 lakh crore has been increased from INR 5,000 crore and 5% to INR 6,250 crore and at least 2.8% of the post-issue market capitalisation.
The 25% minimum public shareholding requirement will now be met by companies listing with less than 15% public float in 10 years, compared to 5 years for those launching with 15% or more. Once the government notifies them, the lenient deadlines will also apply to businesses that have not yet complied with the current regulations.
New Rules for Anchor Investors and Public Float
The regulations governing anchor investors have been relaxed. With life insurance and pension funds holding a portion of the reserved pool, the overall quota has increased from one-third to 40%. A third will be set aside for mutual funds, and any money that isn’t subscribed to by insurers or pension funds would go back to them.
With a minimum allotment size of INR 5 crore, the number of acceptable anchor investors has also increased. In order to increase India’s appeal to foreign investors, SEBI approved the Swagat-FI framework, which grants single-window access to “trusted” foreign portfolio and venture investors, including sovereign funds, central banks, and regulated retail funds, with a 10-year registration and KYC cycle instead of a 3-year one.
Additionally, they will not be subject to the 50% aggregate contribution cap that applies to resident Indians, OCIs, and NRIs. In addition, the India Market Access portal was introduced by SEBI and market infrastructure organisations to offer comprehensive instructions on FPI registration, documentation, and compliance.
To promote inflows from smaller cities and female investors, the regulator changed distributor incentives and lowered the maximum exit load in the mutual fund industry from 5% to 3%.
SEBI’s Push to Boost Mutual Fund Participation
With the introduction of a scale-based method for shareholder approval, SEBI has streamlined the rules governing related-party transactions. In addition to increased commissions for onboarding new female investors, distributors can receive up to 1% of the initial application value, or INR 2,000, for new investors from cities outside of the top 30.
Low-value transactions do not need to be disclosed, while high-value acquisitions now need a vote. Transactions above 10% of turnover require clearance for businesses with a turnover of INR 20,000 crore. From INR 1,000 crore to INR 5,000 crore, the bar for companies having a turnover of INR 40,000 crore has been lifted dramatically.
Quick
Shots
•For issuers with market cap INR 1–5 lakh crore →
minimum public offer raised to INR 6,250 cr & 2.8% stake.
•Companies with <15% float get 10 years (vs 5
years) to meet 25% public shareholding.
•Foreign investors exempt from aggregate
contribution limits faced by residents/NRIs/OCIs.
•New one-stop guide for FPI registration,
documentation, and compliance.
Nine initial public offerings (IPOs) will be available for subscription on mainboard and SME platforms this week, making it a busy week for primary markets. Investor interest is booming, ranging from well-known brands like Urban Company to specialised firms in engineering, metallurgy, and retail. Some issues have a great hunger among GMPs, while others have not yet gained traction. Here is the quick look at the upcoming IPOs.
Airfloa Rail Technology Ltd. IPO
The subscription period for the Airfloa Rail Technology IPO begins on September 11, 2025, and ends on September 15, 2025. On September 16, 2025, the allocation for the Airfloa Rail Technology IPO is anticipated to be finalised. The proposed listing date for Airfloa Rail Technology’s initial public offering (IPO) is set for September 18, 2025, on the BSE SME. The pricing range for Airfloa Rail Technology’s first public offering is INR 133.00 to INR 140.00 per share. An application’s lot size is 1,000. Based on the highest price, a retail individual investor must invest a minimum of INR 2,80,000.00 (2,000 shares). HNI requires a minimum investment of INR 4,20,000, or three lots (3,000 shares).
Shringar House of Mangalsutra
The subscription period for the Shringar House of Mangalsutra IPO begins on September 10, 2025, and ends on September 12, 2025. On September 15, 2025, the allocation for the Shringar House of Mangalsutra IPO is anticipated to be finalised. The proposed listing date for the Shringar House of Mangalsutra IPO is set for September 17, 2025, and it will be listed on the BSE and NSE. The pricing range for the Shringar House of Mangalsutra initial public offering is INR 155.00 to INR 165.00 per share. An application’s lot size is 90. Based on the highest price, a retail investor must invest a minimum of INR 14,850 (90 shares).
Dev Accelerator
The subscription period for the Dev Accelerator IPO begins on September 10, 2025, and ends on September 12, 2025. On September 15, 2025, the Dev Accelerator IPO allocation is anticipated to be finalised. The tentative listing date for the Dev Accelerator IPO is set for September 17, 2025, and it will be listed on the BSE and NSE. The pricing range for the Dev Accelerator IPO is INR 56.00 to INR 61.00 per share. An application’s lot size is 235. Based on the highest price, a retail investor must invest a minimum of INR 14,335 (235 shares).
Jay Ambe Supermarkets
The proposed listing date for the Ambe Supermarkets IPO is set for September 17, 2025, on the BSE SME. The price range for Jay Ambe Supermarkets’ IPO is INR 74.00 to INR 78.00 per share. An application’s lot size is 1,600. Based on the highest price, a retail individual investor must invest a minimum of INR 2,49,600.00 (3,200 shares).
The Urban Company
On September 15, 2025, the allocation for the Urban Company IPO is anticipated to be finalised. The proposed listing date for the Urban Company IPO is set for September 17, 2025, and it will be listed on the BSE and NSE. The price range for Urban Company’s IPO is INR 98.00 to INR 103.00 per share. An application’s lot size is 145. Based on the highest price, a retail investor must invest a minimum of INR 14,935 (145 shares).
Taurian MPS
The subscription period for the Taurian MPS IPO begins on September 9, 2025, and ends on September 11, 2025. On September 12, 2025, the allocation for the Taurian MPS IPO is anticipated to be finalised. The proposed listing date for the Taurian MPS IPO is set for September 16, 2025, on the NSE SME. The pricing range for the Taurian MPS IPO is INR 162.00 to INR 171.00 per share. An application’s lot size is 800. Based on the highest price, a retail individual investor must invest a minimum of INR 2,73,600.00 (1,600 shares).
Karbonsteel Engineering
The Karbonsteel Engineering initial public offering (IPO) will go live on September 9, 2025, and end on September 11, 2025. On September 12, 2025, the Karbonsteel Engineering IPO allocation is anticipated to be finalised. The proposed listing date for the Karbonsteel Engineering IPO is set for September 16, 2025, on the BSE SME. The price range for Karbonsteel Engineering’s IPO is INR 151.00 to INR 159.00 per share. An application’s lot size is 800. Based on the highest price, a retail individual investor must invest a minimum of INR 2,54,400.00 (1,600 shares).
Nilachal Carbo Metalicks
The Nilachal Carbo Metalicks initial public offering (IPO) will go live on September 8, 2025, and end on September 11, 2025. On September 12, 2025, the allocation for the Nilachal Carbo Metalicks IPO is anticipated to be finalised. The IPO of Nilachal Carbo Metalicks is scheduled to go public on the BSE SME on September 16, 2025. The IPO price of Nilachal Carbo Metalicks is INR 85.00 per share. An application’s lot size is 1,600. Based on the highest price, a retail individual investor must invest a minimum of INR 2,72,000.00 (3,200 shares).
Jane Street, a high-frequency trading firm based in the United States, has requested further time from the Securities and Exchange Board of India (SEBI), the Indian market regulator. Jane Street Group told the media in a statement on the evening of July 28 that it is working cooperatively with SEBI and has requested an extension to reply to the July 3 interim decision.
SEBI had given 21 days to respond in its interim order dated July 3. It appears that the extension was requested after this deadline had passed. Jane Street did not reveal the extent of the timeframe extension it has attempted to provide in response to SEBI’s enquiries.
Jane Street promised in the same statement that the group is dedicated to maintaining market integrity. Jane Street is dedicated to actions that preserve the integrity of India’s capital markets and support their ongoing growth, the statement added.
According to the preliminary inquiry, Jane Street Group illegally gained INR 4,843.5 crore by manipulating trading on Bank Nifty and Nifty Index Options, as SEBI had claimed in its July 3 decision.
Jane Street Group was instructed by SEBI to seize and place the purportedly unlawful proceeds in an interest-bearing escrow account with a lien in SEBI’s favour.
SEBI’s Interim Measures and Jane Street’s Compliance
On July 11, Jane Street complied with Sebi’s instructions regarding the impoundment of alleged unlawful gains. Later, on July 21, SEBI removed the limitations on Jane Street Group’s trading in Indian markets, provided that it refrain from manipulating the market and that exchanges keep a close watch on its transactions.
SEBI’s Broader Crackdown on Market Manipulation
The entities have been instructed to stop and desist from directly or indirectly engaging in any fraudulent, manipulative, or unfair trade practices, as well as from engaging in any activity that may violate current regulations, such as dealing in securities using any of the patterns mentioned or identified in the interim order, according to a statement released by Sebi on July 21. The entities have attested to their intention to adhere to this.
Stock exchanges were instructed to continuously keep a close eye on Jane Street Group’s future transactions and holdings. Therefore, until SEBI’s investigation is finished and any related proceedings are concluded, entities must refrain from engaging in any form of manipulative behaviour, whether directly or indirectly, including dealing in securities using any of the patterns mentioned or identified in the interim order.
Jane Street Group had previously refuted Sebi’s accusations and said that the Indian capital market watchdog had misinterpreted its trading approach.
In accordance with regulatory orders, Jane Street, a New York-based capital market company, has placed INR 4,840 crore in escrow accounts. Jane Street has no imminent plans to start trading options in the Indian market again after this.
A temporary account used to keep money or assets while two parties are transacting is called an escrow account. A third party oversees its management. Jane Street, a US-based firm, had previously said that it would contest the SEBI order, which blocked the organisation from the securities markets in India.
SEBI has ordered the group to disgorge illegal gains of INR 4,843 crore for using holdings in the derivatives market to manipulate stock indices. This was quite likely the largest disgorgement amount that SEBI had ever ordered.
Why SEBI Barred Jane Street?
While it continued its inquiry, SEBI’s interim decision prohibited JSI Investments, JSI2 Investments Pvt Ltd, Jane Street Singapore Pte Ltd, and Jane Street Asia Trading—collectively known as the Jane Street Group—from trading until further notice.
SEBI was investigating the Jane Street (JS) Group for illegally profiting from stock market index level manipulation, namely through the highly liquid Bank Nifty and Nifty index options segments.
According to a SEBI probe, Jane Street made money from huge holdings and executed significant trades to influence market movements over a 21-day period between January 2023 and May 2025.
The regulator also observed that Jane Street saw an increase in trading activity across a number of market segments between January 2023 and March 2025. Jane Street Group LLC is a multinational proprietary trading company in the financial services sector that was founded in 2000.
With five offices in the US, Europe, and Asia, the group has over 2,600 employees. In 45 nations, it carries out trading activities.
Jane Street’s Response to SEBI
In an internal letter to staff, the US-based trading company Jane Street slammed the SEBI, calling its recent ruling accusing market manipulation “fundamentally mistaken.”
The letter went on to say that seeing the company misrepresented in this manner is really distressing. Jane Street is proud of the part it plays in global markets; therefore, it hurts to have a study that contains so many false or unsubstantiated claims damage its reputation.
In addition to prohibiting Jane Street and its group companies from engaging in the Indian market, SEBI’s ruling ordered the disgorgement of INR 4,834 crore in claimed “unlawful gains.” Additionally, the regulator stated that it was still looking into the group’s other trading tactics.
The market’s watchdog responded to Jane Street’s allegations by stating that the July 3 ruling, like all SEBI orders, is a speaking order that lays out SEBI’s prima facie case and answers all pertinent issues.
In an internal letter to staff, the US-based trading company Jane Street slammed the Securities and Exchange Board of India (SEBI), calling its recent ruling accusing market manipulation “fundamentally mistaken.”
The company rejected SEBI’s description of its trading approach as manipulative and instead described it as “basic index arbitrage.” According to Jane Street, it is considering its legal options and is getting ready to respond formally.
Additionally, it asserted that since February, many attempts to communicate with the market’s regulator have been “consistently rebuffed.”
Jane Street accused Sebi of using “inflammatory language” and demonstrating a lack of grasp of typical hedging procedures and the connections between derivative and underlying markets in its July 3 order in a letter distributed to staff members over the weekend.
Deeply Upsetting of Being Mischaracterised: Jane Street
The letter went on to say that seeing the company misrepresented in this manner is really distressing. Jane Street is proud of the part it plays in global markets; therefore, it hurts to have a study that contains so many false or unsubstantiated claims damage its reputation.
In addition to prohibiting Jane Street and its group companies from engaging in the Indian market, Sebi’s ruling ordered the disgorgement of INR 4,834 crore in claimed “unlawful gains.” Additionally, the regulator stated that it was still looking into the group’s other trading tactics.
The market’s watchdog responded to Jane Street’s allegations by stating that the July 3 ruling, like all SEBI orders, is a speaking order that lays out SEBI’s prima facie case and answers all pertinent issues.
SEBI has nothing more to contribute to what has already been included, clarified, and rationalised in that order at this point. When Sebi initially asked for information about its trading in August 2024, Jane Street claimed to have responded quickly and openly.
Jane Street’s senior officials from the company’s headquarters in Hong Kong and New York had gone to Mumbai to meet with the National Stock Exchange (NSE), it further stated.
Why did Sebi Issue the Order?
Several examples of what SEBI claimed was index manipulation by Jane Street were highlighted in the 105-page study.
It claimed that on January 17, 2024, the day that weekly index options linked to the NSE Nifty Bank Index were about to expire, the company had engaged in aggressive trading to raise the values of the underlying cash and futures markets.
According to the report, Jane Street piled up a lot of bearish options transactions and then made a lot of money by closing some of them and letting others expire.
Ashish Kumar Chauhan is not just the man behind the console at India’s biggest stock exchange; he’s the architect of a revolution in modern financial markets. With a career built on disruption and inclusion, Chauhan has guided the National Stock Exchange (NSE) into a bold, tech-savvy future while championing financial literacy at the grassroots level.
Known for marrying policy with purpose, this former IIT-Bombay and IIM-Calcutta alum now holds one of the most influential seats in India’s financial infrastructure.
What’s more? 2025 has been a defining year for Chauhan. From tackling deepfake misinformation campaigns to steering India’s economic narrative toward the next 50 years, he’s not just leading the NSE, he’s shaping the very way India thinks about wealth creation.
Let’s dive into his journey, his mission, and the milestones NSE is ticking off under his stewardship.
Ashish Kumar Chauhan – Education & Career Development
After graduating from IIT Bombay in Mechanical Engineering and earning an MBA from IIM Calcutta, Chauhan began his career with IDBI in the early 1990s. It was during his time at IDBI that he was handpicked to help launch the NSE, an ambitious project aiming to bring speed, transparency, and fairness to Indian markets.
At NSE, he wore multiple hats: he was instrumental in setting up India’s first fully automated screen-based trading system, the Nifty 50 index, and the nation’s clearing and settlement systems.
Following a powerful stint at NSE, Chauhan took his talents to Reliance Industries in the 2000s, where he worked on IT strategy and infrastructure, especially in the petroleum retail sector. This experience added an enterprise-scale operations layer to his already diverse financial expertise.
Ashish Kumar Chauhan – NSE’s Leader Is Racing Ahead in 2025
Ashish Kumar Chauhan’s return to the National Stock Exchange in 2022 wasn’t just a homecoming; it was a strategic reawakening for India’s most powerful financial institution. A founding team member of NSE in the early 1990s, Chauhan had played a pivotal role in digitizing the exchange at a time when paper-based trading was the norm. He was instrumental in building the screen-based trading system that revolutionized how India traded stocks, forever changing the DNA of the Indian markets.
After a decade-long stint as MD & CEO of BSE, where he turned the once-sluggish Bombay Stock Exchange into a globally respected, tech-driven institution, Chauhan returned to NSE with deeper insight, sharper tools, and an even bolder vision. His comeback was more than ceremonial; it marked the beginning of a fresh chapter focused on three defining pillars: rapid expansion, nationwide financial education, and ethical investing rooted in transparency.
Ashish Kumar Chauhan – Writing the Next Chapter of Indian Finance
Under Ashish Kumar Chauhan’s dynamic leadership, 2025 hasn’t just been another year on the calendar, it’s been a masterclass in how to steer a financial institution with vision, agility, and an unshakable commitment to trust.
Taking On Misinformation with Tech-First Vigilance
In April 2024, social media platforms were hit with a surge of AI-generated deepfake videos featuring Chauhan “recommending” specific stocks as a dangerous, digitally-engineered illusion. The videos spread like wildfire, risking both market manipulation and investor confusion. But the response was swift and unflinching.
NSE immediately issued public advisories, clarified that its MD & CEO does not offer personal stock recommendations, and reinforced its zero-tolerance stance toward any kind of market distortion. It also ramped up its digital surveillance infrastructure, working with cybersecurity agencies to track the source and prevent recurrence.
This incident, while alarming, sparked a much-needed national conversation on AI ethics in finance with Chauhan leading calls for regulatory frameworks that address deepfake misuse in investor communication.
Financial Literacy Goes Hyperlocal and Hyper-Real
Financial literacy under Chauhan has gone from buzzword to boots-on-ground execution. Between April 2024 and February 2025 alone, 13,000+ Investor Awareness Programs were conducted by NSE across 35 states and Union Territories, reaching 7.2 lakh participants, including farmers, students, housewives, gig workers, and first-time traders.
What made this initiative stand out? It’s multilingual delivery with programs held in 14 Indian languages and its focus on storytelling, real-life case studies, and digital tools to demystify market jargon. Whether it was explaining SIPs in Satara or IPOs in Imphal, NSE made markets approachable and actionable. Chauhan called it “India’s most powerful financial movement from the grassroots up.
MSMEs Get Their Moment with NSE Emerge
Startups and small enterprises have long been the silent engines of India’s economy and Chauhan has ensured their voices are heard on the capital markets stage. NSE’s Emerge platform, a specially designed IPO ecosystem for MSMEs, saw 200+ listings in the past year alone.
From tech innovators in Bengaluru to manufacturing units in Surat, businesses across sectors are now accessing capital faster, cheaper, and with more visibility. Chauhan has been vocal in positioning NSE Emerge as a springboard to unicorn status: “These aren’t just companies,” he said, “they’re tomorrow’s disruptors in the making.”
A Legacy Recognized on Global and National Stages
Chauhan’s vision and impact haven’t gone unnoticed. In May 2023, he was awarded the Lifetime Achievement Award at the Leaders in Custody Awards in Singapore, a recognition of his decades-long contribution to India’s capital markets, especially the digitization of BSE and NSE.
And in January 2025, he was conferred the Prajyot Award, a national honor celebrating visionary leaders driving systemic transformation in India. From digitization to democratization of finance, Chauhan’s legacy is not just being built, it’s being celebrated.
Ashish Kumar Chauhan – NSE Under His Leadership (2024–2025)
Key Milestone
Progress (2024–25)
Investor Programs
13,000+
Participants
7.2 lakh+
MSME Listings
200+ on NSE Emerge
Awards
2 National Recognitions
AI Misinformation Response
100% Digital Clarification & User Alert Systems
Ashish Kumar Chauhan – Vision 2030 – What’s Next?
Chauhan doesn’t believe in resting on laurels. With India poised to become a $10 trillion economy, he envisions NSE not just as a national stock exchange, but as a “Global Exchange for Bharat” where Indian talent, capital, and innovation converge on a world stage.
His blueprint for the next 5–10 years includes:
Launching green and ESG-focused indices to boost sustainable investing.
Enhancing retail investor participation through AI-powered, vernacular trading apps.
Expanding global reach by forming partnerships with international exchanges.
Building investor trust with blockchain-based settlement systems for real-time transparency.
He believes the next stock market boom will be built not in Mumbai or Delhi, but in small towns, powered by digital tools, educated investors, and inclusive policies.
Ashish Kumar Chauhan is the current Managing Director and CEO of the National Stock Exchange (NSE), renowned for his pivotal role in modernizing and transforming the exchange.
What is Chauhan’s educational background?
Chauhan holds a B.Tech. in Mechanical Engineering from IIT Bombay and a PGDM in Finance and Strategy from IIM Calcutta.
What was Chauhan’s initial role at NSE?
He was one of the founding members of NSE and served as its Deputy CEO from 1992 to 2000. He played a key role in setting up NSE’s screen-based trading.
