NSE CEO's remuneration jumps to Rs 15.88 crore in 2 years from Rs 11.26 crore in FY24: DRHP
Mumbai, July 13
The National Stock Exchange Managing Director and CEO Ashishkumar Chauhan's remuneration increased by about 41 per cent over the last two financial years to Rs 15.88 crore in FY26, according to the exchange's draft red herring prospectus filed with the Securities and Exchange Board of India ahead of its proposed initial public offering.
The DRHP showed that NSE CEO Chauhan received remuneration of Rs 15.88 crore (Rs 158.88 million) in FY26, compared with Rs 13.99 crore (Rs 139.90 million) in FY25 and Rs 11.26 crore (Rs 112.65 million) in FY24.
The DRHP also showed that sitting fees -- paid to directors for attending board and committee meetings -- paid to Public Interest Director Sundararajarao Sudarshan increased 22 per cent to Rs 42.5 lakh in FY26 from Rs 34.8 lakh in FY24.
The IPO papers further showed that sitting fees paid to Non-Independent Director Veneet Nayar nearly doubled to Rs 20.8 lakh in FY26 from Rs 10.5 lakh in FY24.
The disclosure comes as the country's largest stock exchange prepares its long-awaited public listing after receiving regulatory approval to proceed with the IPO process.
In addition, the disclosed remuneration excludes contingent or deferred compensation earned during FY26 that will be paid in subsequent years, according to the DRHP.
The DRHP also highlighted that the NSE's core operating performance moderated during FY26 as trading activity slowed across key market segments.
The exchange's revenue from operations declined by more than 3 per cent year-on-year to Rs 16,601.3 crore in FY26 from Rs 17,140.67 crore in the previous financial year.
Revenue from transaction charges, the exchange's largest source of operating income, fell 4 per cent to Rs 13,057.01 crore from Rs 13,635.76 crore in FY25.
Income from clearing and settlement services also declined sharply during the year.
The filing further showed softer trading activity across both the cash and derivatives segments.
Average daily trading volume (ADTV) in the cash market declined 6.59 per cent to Rs 1,05,516.66 crore in FY26, while equity futures ADTV dropped more than 14 per cent year-on-year.
Moreover, equity options trading, measured in premium value terms, also witnessed a decline.
In its risk factors, the NSE cautioned that any sustained decline in trading volumes or transaction values could adversely affect demand for its products and services, which may, in turn, impact its business performance, financial condition, growth prospects and cash flows.
— IANS
Reader Comments
Rs 15.88 crore is a huge amount. But if you look at global standards, CEOs of exchanges earn much more. The issue isn't his salary, it's that the NSE is a monopoly practically - they should focus on customer service and lower fees for retail investors.
While salaries go up, retail investors like me are paying higher transaction charges. The NSE should be more transparent about how these fees are used. And the IPO comes at a time when trading volumes are falling - interesting timing.
When revenues go down 3% but CEO pay goes up 41%, something doesn't add up. This is exactly the kind of corporate governance issue that regulators should be watching. The board needs to justify this.
Public Interest Director getting Rs 42.5 lakh sitting fees - that's a lot for attending meetings! But at least they're disclosing everything in the DRHP. Let's hope the IPO is priced fairly and benefits small investors. The NSE is a great institution, but these corporate pay practices need more scrutiny. 🇮🇳
Interesting how the mention of declining trading volumes is buried at the end. The NSE is a cash cow but even cash cows have lean years. A 41% pay hike when your main revenue stream - transaction charges - dropped 4% is tone-deaf.
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