Ashishkumar Chauhan And NSE Inducted In Board Stewardship’s ‘Hall Of Fame’
The India Board Conclave 2025 was successfully held on April 16 at the prestigious National Stock Exchange (NSE) in Mumbai. Hosted by Board Stewardship, the event was a vibrant gathering of some of the most forward-thinking minds in Corporate Governance, AI, sustainability, and board leadership. Under the theme “Enabling Future Boards,” the conclave brought together boardroom leaders, regulators, AI trailblazers, and sustainability advocates for a day of thought-provoking conversations and collaboration. Against the backdrop of global uncertainty and rapid technological shifts, it offered a timely and insightful look into how India’s Corporate Governance landscape is being reshaped for the future.
In a landmark moment for Indian Corporate Governance, Ashishkumar Chauhan, Managing Director & CEO of the NSE, was conferred with the prestigious Shield of ‘Steward of Corporate Governance’. The National Stock Exchange as an institution was also recognised as a ‘Steward of Corporate Governance’ and formally inducted into Board Stewardship’s Hall of Fame at the India Board Conclave 2025. Chauhan was joined on the keynote roster by Imtaiyazur Rahman, MD & CEO of UTI AMC; Vikesh Wallia, Managing Director & Editor at Board Stewardship; and Shailesh Haribhakti, renowned corporate governance expert and Independent Director. Together, they brought a multidimensional perspective on the evolution of boardroom leadership in India and beyond.
Chauhan’s induction into the ‘Hall of Fame’ came as no surprise to those familiar with his pioneering leadership and the transformative role NSE has played in deepening India’s capital markets. Under his stewardship, the exchange has become a symbol of credibility, efficiency, and trust, enabling millions of Indian households to invest with confidence.
Delivering the keynote address, Ashishkumar Chauhan struck a powerful chord with the audience by framing Corporate Governance not as a regulatory requirement but as a sacred responsibility. “India’s corporate boards are not merely governance bodies—they are the custodians of trust in a nation where millions invest their hard-earned money into businesses they may never see or know personally,” he declared. “This is not just economics; it is a profound leap of faith.”
This profound insight set the tone for the conclave, with Chauhan elaborating on the evolution of companies as societal tools. “The mankind has existed for hundreds of thousands of years, but corporates did not. They came about when more capital was required for larger businesses. And since then, their purpose has been to enable collective progress,” he said, drawing on the roots of Indian business traditions found in the Sangam literature.
With over 11 crore unique investors and 22 crore accounts on NSE, Chauhan celebrated India’s emergence as a trust-led investment economy, highlighting that only 28 PIN codes across the country do not yet have investors. He noted that even countries with higher per capita income like France and Germany have fewer households participating in the market, underlining the exceptional trust Indian investors place in corporate institutions.
This trust, however, is not to be taken for granted. “What we manufacture as Boards, as exchanges, as regulators, is trust,” Chauhan stated. “Trust is ephemeral—very easy to lose and very difficult to build.”
“Every Board must realise that the purpose is to ensure that the company survives and thrives—not just for itself but for its shareholders, stakeholders, and the nation,” he said. “Stewardship is not about survival. It’s about enabling the company to serve the country and the people.”
He also addressed the shifting dynamics of global trade and innovation. In a world moving rapidly from unipolarity to multipolarity, Chauhan argued that India’s Boards must step into new roles as anchors of resilience and agents of opportunity. “Geopolitics now eats economics for breakfast—and sometimes for dinner. Our Boards must be prepared to steer through these tides,” he quipped.
Ashishkumar Chauhan also urged Indian boardrooms to take pride in the global recognition they’ve earned. “India’s Corporate Governance, by miles, is one of the best in the world. We don’t have golden shares or differential voting rights like in some developed countries. We have innovations like ‘majority of minority’ voting and real-time market surveillance. These have made our markets more democratic and trustworthy.”
Over the past three decades, NSE has championed innovations that have made the market more transparent, accessible, and resilient—from electronic trading to regulatory enhancements that have become global benchmarks.
Ashishkumar Chauhan and NSE exemplify the values of board stewardship—not just in policy or compliance, but in purpose, practice, and people-first progress. They remind us that the most enduring legacies are those built on trust, and the future of India’s Corporate Governance rests in capable, ethical, and visionary hands.
