The National Stock Exchange (NSE) Managing Director and CEO Ashishkumar Chauhan saw his total remuneration rise approximately 41 per cent over two financial years to ₹15.88 crore in FY26, according to the exchange's draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI) ahead of its long-awaited initial public offering (IPO). The disclosure offers the first detailed look at executive compensation at India's largest stock exchange as it prepares to go public.

CEO Remuneration Over Three Years

The DRHP reveals a steady upward trajectory in Chauhan's pay package. His remuneration stood at ₹11.26 crore in FY24, rose to ₹13.99 crore in FY25, and climbed further to ₹15.88 crore in FY26 — a cumulative increase of roughly 41 per cent across the two-year period. Notably, the DRHP clarified that these figures exclude any contingent or deferred compensation earned during FY26 that is payable in subsequent years, meaning the effective total could be higher.

Director Sitting Fees Also Rise

Beyond the CEO's package, the DRHP disclosed increases in sitting fees paid to board members. Public Interest Director Sundararajarao Sudarshan received sitting fees of ₹42.5 lakh in FY26, up 22 per cent from ₹34.8 lakh in FY24. Non-Independent Director Veneet Nayar's sitting fees nearly doubled to ₹20.8 lakh in FY26 from ₹10.5 lakh in FY24, reflecting greater board-level engagement as the exchange navigated its IPO preparation.

Revenue and Trading Volumes Moderate in FY26

The compensation disclosures come against a backdrop of softer operating performance. NSE's revenue from operations declined more than 3 per cent year-on-year to ₹16,601.3 crore in FY26, down from ₹17,140.67 crore in FY25. Revenue from transaction charges — the exchange's single largest income stream — fell 4 per cent to ₹13,057.01 crore from ₹13,635.76 crore in FY25. Income from clearing and settlement services also declined during the year.

Trading activity softened across both cash and derivatives segments. Average daily trading volume (ADTV) in the cash market fell 6.59 per cent to ₹1,05,516.66 crore in FY26, while equity futures ADTV dropped more than 14 per cent year-on-year. Equity options trading, measured in premium value terms, also witnessed a decline during the period.

NSE's IPO: Context and Risk Factors

The DRHP filing marks a significant milestone for the NSE, which has received regulatory approval to proceed with its IPO — a listing that market observers have anticipated for years. This comes amid a broader slowdown in market activity that the exchange itself flagged as a material risk. In its risk disclosures, NSE cautioned that any sustained decline in trading volumes or transaction values could adversely affect demand for its products and services, potentially impacting its financial condition, growth prospects, and cash flows.

The IPO, if completed, would mark one of the most consequential listings in India's capital markets history, given NSE's dominant position across equity, derivatives, and currency trading segments.