Remuneration – NSE CEO Ashishkumar Chauhan’s FY26 Pay Rises Ahead of IPO Listing
Remuneration – The National Stock Exchange (NSE) has disclosed that the remuneration of its Managing Director and Chief Executive Officer, Ashishkumar Chauhan, increased significantly over the past two financial years, according to the Draft Red Herring Prospectus (DRHP) submitted to the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO). The filing shows that Chauhan received a total remuneration of Rs 15.88 crore during FY26, reflecting a steady rise from Rs 13.99 crore in FY25 and Rs 11.26 crore in FY24.
Executive Compensation Shows Consistent Growth
The regulatory filing indicates that Chauhan’s compensation has grown by nearly 41 percent since FY24. However, the disclosed amount does not include any contingent or deferred payments earned during FY26 that are scheduled to be released in future years. These additional benefits will be accounted for separately when they become payable under the company’s compensation structure.
Board Members Also Recorded Higher Sitting Fees
The DRHP also provides details of payments made to board members for attending meetings of the board and its committees. Public Interest Director Sundararajarao Sudarshan received sitting fees of Rs 42.5 lakh in FY26, compared with Rs 34.8 lakh reported in FY24, representing a notable increase over the two-year period.
Similarly, Non-Independent Director Veneet Nayar saw a substantial rise in meeting-related compensation. His sitting fees climbed to Rs 20.8 lakh during FY26, nearly doubling from Rs 10.5 lakh recorded in FY24. These disclosures form part of the exchange’s transparency requirements as it prepares to enter the public market.
IPO Preparation Brings Greater Financial Transparency
The compensation details have been released as the country’s largest stock exchange moves closer to its long-awaited stock market debut. After securing the required regulatory clearance, NSE has formally initiated the IPO process through its DRHP filing, offering investors a detailed picture of its governance practices, financial performance and management disclosures.
Such filings are intended to provide prospective investors with comprehensive information about the company’s operations, leadership and financial position before shares are offered to the public.
Operating Revenue Declined During FY26
While executive compensation increased, the exchange reported a moderation in its operational performance during FY26. Revenue from operations stood at Rs 16,601.3 crore, registering a decline of more than 3 percent from Rs 17,140.67 crore reported in the previous financial year.
Transaction charges, which remain NSE’s largest source of operating income, also witnessed a year-on-year decline. Revenue generated through these charges fell to Rs 13,057.01 crore in FY26 from Rs 13,635.76 crore in FY25. Income earned from clearing and settlement services also recorded a noticeable reduction during the same period.
Trading Activity Weakened Across Key Segments
The exchange reported softer trading volumes across multiple market segments during FY26. Average daily trading volume in the cash market dropped by 6.59 percent to Rs 1,05,516.66 crore. Equity futures trading also experienced a decline of more than 14 percent compared with the previous financial year.
In addition, equity options activity, measured on the basis of premium value, also recorded lower trading levels, reflecting a broader slowdown across several trading categories.
NSE Highlights Business Risks
As part of its risk disclosures, the exchange noted that prolonged weakness in trading volumes or transaction values could affect demand for its products and services. According to the filing, any sustained decline in market activity may influence the company’s financial performance, cash flows, business growth and overall operating condition in the future.