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Ashok Chawla resigns as chairman of NSE

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Ashok Chawla on Friday resigned as Chairman of the Board of Directors of the National Stock Exchange of India (NSE) with immediate effect in light of recent legal developments.

According to a PTI report, the CBI on Friday informed a Delhi court that the Centre has granted sanction to prosecute five people, including Ashok Chawla, accused in the Aircel-Maxis case involving Congress leader and ex-Union minister P Chidambaram and his son Karti.

The then members of the Foreign Investment Promotion Board (FIPB), against whom sanctions have been procured, are the then secretary (economic affairs) Ashok Jha, the then additional secretary Ashok Chawla, the then joint secretary in finance ministry Kumar Sanjay Krishna, the then director in the ministry Dipak Kumar Singh, and the then under secretary in the ministry Ram Sharan.

Of the five, three are working with various government departments while two have retired.

The Securities and Exchange Board of India (Sebi) has been probing the alleged lapses in high-frequency trading offered through NSE’s co-location facility. It was also investigating whether some brokers had unfair access to the exchange’s co-location facility, PTI reported.

Source: Economic Times