Ashishkumar Chauhan has resigned as Managing Director and CEO of BSE and has been relieved of his roles and responsibilities at the exchange, the bourse said.
Chauhan will be joining rival National Stock Exchange (NSE) as Managing Director and Chief Executive Officer (CEO).
He was part of the founding team of NSE but left it in 2000 for various roles at Reliance Industries group, before returning to the stock exchange arena as deputy CEO of BSE in 2009 and then as CEO in 2012.
BSE has already begun the hunt for a new chief in place of Chauhan.
In the interim, the board of BSE has decided that an executive management committee of the exchange would be running its affairs till appointment of the new MD and CEO, it said in a regulatory filing to NSE on Monday.
The executive management committee comprises Neeraj Kulshrestha - Chief Regulatory Officer, Nayan Mehta - Chief Financial Officer, Kersi Tavadia - Chief Information Officer, Sameer Patil - Chief Business Officer and Girish Joshi - Chief Trading Operations and Listing Sales.
Chauhan has been relieved of the roles and responsibilities at BSE with effect from July 25, 2022, it said.
At BSE, Chauhan is credited with reviving its revenues, helping it become the world's fastest exchange with 6 microseconds response time.
He introduced mobile stock trading to India, diversified in new areas including currency, commodities and equity derivatives, SME, startups, mutual fund and insurance distribution, spot markets and power trading.