Srinivas Injeti has been appointed Chair of the Governing Board of the National Stock Exchange of India (NSE), with SEBI’s approval and support from both the Board and Management. A retired IAS officer, Injeti brings over four decades of experience in corporate regulation, governance, public policy, and financial services, with a career defined by institutional reform and regulatory innovation.
Governance and Regulatory Contributions
As Union Secretary of the Ministry of Corporate Affairs (2017–2020), Injeti oversaw sweeping reforms in insolvency, competition, and company law. He played a pivotal role in establishing the National Financial Reporting Authority and strengthened corporate governance frameworks with initiatives like the Independent Directors’ databank.
Injeti was also the first Chairperson of the International Financial Services Centres Authority (IFSCA), India’s international financial regulator. Under his leadership, the IFSCA pioneered initiatives in sustainable finance, fintech regulation, bullion exchange frameworks, and aircraft leasing. His earlier roles as Union Sports Secretary and Director General of the Sports Authority of India saw him launch the Khelo India programme.
Significance for NSE
Injeti’s appointment comes at a crucial juncture. NSE is preparing for its long-awaited IPO, while its unlisted shares have surged in popularity in India’s grey market. Over the past year, the value of NSE unlisted shares has doubled, trading at around Rs 2,300 in 2025. This points to strong investor confidence in both NSE’s fundamentals and its IPO potential.
NSE has consistently delivered robust financial performance, with top-line and bottom-line growth rates exceeding 30% CAGR. Revenue contributions span derivatives trading, data services, co-location facilities, and technology infrastructure, making NSE one of the most profitable companies in its sector.
Investor Caution and Governance Outlook
Despite strong fundamentals, investing in unlisted shares carries risks. Grey markets are volatile and speculative, and NSE’s past governance lapses remain a concern for investors. Injeti’s proven track record in regulatory reform and institution-building positions him to restore confidence, reinforce governance standards, and guide NSE toward a credible public listing.
The Road Ahead
Under Injeti’s leadership, NSE is expected to align more closely with global benchmarks for governance, transparency, and disclosure. For investors, this signals the potential of a company with both financial strength and a renewed governance commitment.
For NSE, the move underscores its transition from India’s most significant market infrastructure to a publicly listed company that is globally benchmarked, trusted, and built for sustainable growth.