MAM
Profit, governance will trump hype despite IPO rush, says NSE chief
MUMBAI: India’s capital markets will stay anchored to profitability, transparency and strong corporate governance, even as the country rides a wave of initial public offerings, Ashish Kumar Chauhan, ceo of the National Stock Exchange, said on Tuesday.
Speaking at IPO Baatcheet, a special programme hosted by the Startup Policy Forum, Chauhan said Indian public markets are fundamentally different from more risk-tolerant global peers, with both institutional and retail investors placing a premium on sustainable business models and investor protection. “Broadly speaking, India is about profitability, about transparency and about better corporate governance,” he said.
Trust, Chauhan argued, is the currency of public markets, and governance its backbone. With retail participation deepening rapidly, he warned that even small lapses can have outsized consequences. “It’s like a pond out of which we all drink. It’s easy to destroy that trust, but very difficult to build,” he said.
Addressing founders and promoters of listed companies, Chauhan urged restraint and responsibility in handling public capital. When faced with grey areas, he said, decisions should favour minority shareholders over insiders. “Even if something is legally allowed, don’t do it if morally it is not correct,” he said, pointing to the need to reduce information and power asymmetries.
He also pushed back against the idea of new-age IPOs as guaranteed wealth creators, cautioning that true value will only emerge over one-, two- and five-year horizons after listing. Public markets, he said, reward fundamentals and governance, not hype.
India’s growing retail base reflects rising confidence in markets, Chauhan noted. The NSE now has more than 12 crore unique investors, representing nearly 25 per cent of Indian households. But with participation comes responsibility. “Stock market is not a game,” he said, warning against greed-driven speculation and unrealistic expectations.
On derivatives, Chauhan delivered a blunt message to retail investors: stay away unless fully aware of the risks. “If you don’t know the risks associated, you should not come into the derivatives market,” he said, adding that such instruments are meant for trained participants with the capacity to absorb losses.
Chauhan also highlighted the exchange’s technological muscle, noting that NSE can process up to 60 lakh orders per second, operates at microsecond speeds moving towards nanoseconds, and has strengthened cyber resilience. He cited episodes where the exchange faced as many as 40 crore cyber attacks within 20 minutes.
The discussion was part of Startup Policy Forum’s effort to prepare new-age companies for life in public markets. Shweta Rajpal Kohli, ceo and president of SPF, said the forum is setting up a Centre for New-Age Public Companies to support founders before and after listing, offering institutional guidance and capacity building.
As IPOs multiply and retail money floods in, Chauhan’s message was unmistakable: in India’s markets, discipline beats dazzle — every time.
Brands
YFLO appoints Tania Nijhawan as president for 2026-27 term
Dentist-entrepreneur to lead women’s body amid rising focus on leadership
NEW DELHI: Young FICCI Ladies Organisation (YFLO), the women’s arm of FICCI, has appointed Tania Nijhawan as its president for the 2026-27 tenure, effective April 2026, at a time when conversations around women’s leadership in India are gaining fresh momentum.
A cosmetic and paediatric dentist with over 15 years of experience, Nijhawan is the founder of Udana Wellness, a multi-speciality clinic in Vasant Vihar known for its focus on advanced treatments and patient-centric care. She also serves as director at Nijhawan Group and is an active investor in start-ups across health, wellness and hospitality, including Nuts For Us.
Her academic credentials include advanced training from global institutions such as New York University, the University of Southern California and University College London, shaping her multidisciplinary approach across dentistry and wellness.
YFLO has long positioned itself as a platform for leadership, entrepreneurship and professional growth, bringing together women across industries to drive dialogue and collaboration. Under Nijhawan’s leadership, the organisation is expected to sharpen its focus on cross-sector engagement and meaningful, future-facing conversations.
Speaking on her appointment, Tania Nijhawan said, “YFLO has always stood for meaningful engagement and forward-thinking dialogue. I look forward to building a platform that not only encourages exchange of ideas but also actively supports emerging voices and creates opportunities for collaboration across sectors.”
She added, “The Women’s Reservation Bill, which seeks to reserve 33% of seats for women in the Lok Sabha and State Legislative Assemblies, is not just a policy shift, it is a generational opportunity. It acknowledges the urgent need for women to have a stronger voice in shaping the nation’s future. True progress lies not just in representation, but in enabling women to lead with agency, confidence and impact.”
As president, Nijhawan will focus on curated programming, high-impact industry conversations and initiatives that bring together women across disciplines. Her theme for the year, “Lead With Your Light,” signals a push towards purpose-led leadership and greater confidence among emerging voices.
Her appointment marks a new chapter for YFLO, one that aims to align leadership, enterprise and policy at a time when women’s voices are increasingly central to India’s growth story.
