The Board of Governors for NISM consists of the following members:
- Mr. U.K.Sinha, Chairman, SEBI (Chairman, Board of Governors)
- Mr. Rajeev Kumar Agarwal, Whole Time Member, SEBI
- Mr. Prashant Saran, Whole Time Member, SEBI
- Mr. Anup Wadhawan, Joint Secretary (Capital Markets), Department of Economic Affairs, Ministry of Finance, New Delhi
- Mr. P.K.Nagpal, Executive Director - SEBI
- Mr. Uday Kotak, Vice Chairman & Managing Director, Kotak Mahindra Bank Ltd.
- Ms. Chanda Kochhar, Managing Director & Chief Executive Officer, ICICI Bank
- Mr. R. M. Malla, Chairman & Managing Director, IDBI Bank Ltd.
- Dr. Anil Khandelwal, Former Chairman of Bank of Baroda
- Mr. M.S.Sahoo, Secretary, The Institute of Company Secretaries of India
- Mr. Sandip Ghose, Director - NISM