India's Capital Markets Thrive Amid Global Challenges

Ashish Kumar Chauhan, CEO of NSE, emphasizes India's capital markets' resilience amid global uncertainties. Addressing the IMC Capital Market Conference 2026, he notes that equity market capitalisation now surpasses banking assets. Despite global trade challenges, India's markets remain robust due to strong institutions and a growing reliance on public markets.

In a compelling address at the IMC Capital Market Conference 2026, Ashish Kumar Chauhan, CEO of the National Stock Exchange (NSE), hailed the robustness of India's capital markets amidst global uncertainties. He pointed out that the equity market capitalisation has grown to nearly 1.5 times the size of banking assets, illustrating a significant evolution.

Chauhan detailed how India's markets have weathered extraordinary global disruptions over the years—from the 2008 financial crisis and the 2020 COVID-19 pandemic to recent geopolitical tensions. These challenges highlighted the efficacy of India's regulatory and institutional frameworks, despite US policy shifts and fragmented supply chains.

Chauhan announced the launch of the Past Risk and Return Verification Agency (PaRRVA), a groundbreaking initiative by CARE and NSE under a SEBI framework, enhancing market transparency. Additionally, NSE initiated live operations of the Electronic Gold Receipt (EGR) segment, revolutionizing gold trading by allowing dematerialised transactions.