NSE chief pays tribute to Manmohan Singh, hails him for setting up India’s largest stock exchange

Today, the NSE stands as a global leader in stock exchanges, a testament to Singh’s visionary leadership and his commitment to modernizing India’s financial infrastructure.

Ashish Chauhan, CEO of the National Stock Exchange (NSE), shared a heartfelt tribute to Manmohan Singh after the former prime minister passed away at the age of 92 on December 26.

Chauhan posted a video on X, reflecting on Singh’s monumental role in setting up the NSE, which has since become India’s largest and most technologically advanced stock exchange. “In the early 1990s, as the finance minister, Dr Manmohan Singh initiated major reforms. The establishment of @nseindia was part of the reforms he undertook, laying the foundation for India's first public digital infrastructure.”

Our humble tribute to Dr Manmohan Singh. In early 1990s, as the finance minister, he initiated major reforms. Setting up of @nseindia was a part of the reforms undertaken by Dr Manmohan Singh as the finance minister as the first public digital infrastructure of India. A small pic.twitter.com/tLpSk0iLfy

Ashish Chauhan (@ashishchauhan) December 27, 2024

Singh, who served as the prime minister from 2004 to 2014, was instrumental in India’s financial sector overhaul during his tenure as finance minister in the early 1990s. Under his leadership, India saw groundbreaking reforms, including liberalisation and privatisation, and the creation of the NSE.

Dr CKG Nair, from the National Institute of Securities Markets, also praised Singh's leadership, highlighting that the creation of the NSE marked a pivotal state-led policy decision that changed the landscape of India’s financial markets. "The NSE was a major policy experiment made by the Government of India at that time, replacing manual processes with a tech-driven, trustworthy system," he said.

The idea of the NSE emerged in 1992 when Singh endorsed a proposal to create a modern, transparent, and efficient stock exchange that would challenge the dominance of the Bombay Stock Exchange (BSE). Singh’s approval, along with the support of key figures like GV Ramakrishna, chairman of Sebi, set the stage for the NSE’s creation, a key milestone in India's economic transformation.

Today, the NSE stands as a global leader in stock exchanges, a testament to Singh’s visionary leadership and his commitment to modernising India’s financial infrastructure.