India's Capital Market Resilience Amid Global Challenges

Ashish Kumar Chauhan, NSE Chairman, emphasized India's capital markets' resilience amid global uncertainties, achieving significant growth despite challenges like geopolitical tensions and trade policy shifts. He announced the launch of PaRRVA for portfolio transparency and NSE's new EGR segment, reflecting India's robust financial infrastructure and investor confidence.

In a comprehensive address at the IMC Capital Market Conference 2026, Ashish Kumar Chauhan, Chairman of the National Stock Exchange (NSE), underscored the robust performance of India's capital markets. Despite prevailing global uncertainties, Chauhan highlighted that equity market capitalisation has soared to almost 1.5 times the size of the nation's banking assets, signalling an increased reliance on public markets backed by a solid macroeconomic framework.

Chauhan referred to several global disruptions, including the financial crisis of 2008, the COVID-19 pandemic, and recent geopolitical tensions in the Middle East, noting India's markets have shown remarkable resilience throughout. This resilience, he argued, reflects the strength of India's regulatory and institutional frameworks, which have adapted to changing global dynamics and weathered the storm of altered US trade policies and fragmented global supply chains.

Announcing new initiatives, Chauhan introduced the Past Risk and Return Verification Agency (PaRRVA), aimed at enhancing transparency through a SEBI-approved framework developed by CARE and NSE. He also revealed the launch of the Electronic Gold Receipt (EGR) segment, designed to dematerialize gold trading. Chauhan celebrated the NSE's growth, noting a surge in the registered investor base and increased operational efficiency, sustaining the conversion of household savings into future investments.