Aircel Maxis case: Ashok Chawla resigns as Chairman of National Stock Exchange

Former Finance Secretary Chawla became Chairman of NSE on March 28, 2016

Ashok Chawla, National Stock Exchange Chairman, NSE, Aircel Maxis Case, Ashok Chawla, NSE, Aircel Maxis Case
Aircel Maxis case: Ashok Chawla resigns as Chairman of National Stock Exchange

new Delhi: National Stock Exchange ( NSE ) chairman Ashok Chawla has resigned from his post with immediate effect. A few hours earlier, the CBI had got permission from the Center for initiating prosecution proceedings against Chawla in the Aircel-Maxis case. Soon after, Chawla resigned from his post. However, the exchange did not give any special details on this announcement on Friday night. The Securities and Exchange Board of India ( Sebi ) is investigating the alleged flaws in NSE’s co-location facility. The regulator is also ascertaining whether some brokers have made any unreasonable access to this fast frequencies business facility by the exchange.

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In a statement, the Exchange said that in view of recent legal developments, Chawla has resigned as a director-general of the Board of Directors of the National Stock Exchange of India Limited, as the Chairman-Chairman. Former Finance Secretary Chawla became Chairman of NSE on March 28, 2016 He has also been the Secretary of Civil Aviation and Chairman of Indian Competitiveness Commission (CCI). Chawla had resigned as Chairman of YES Bank in November last year. Earlier, the CBI told a Delhi court that the Center has given permission for prosecution against five people. These are existing and former officials. These people are accused in the Aircel Maxis case related to Congress leader and former Union Minister P Chidambaram and his son Karti.

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At that time the members of the Foreign Investment Promotion Board (FIPB) who have been prosecuted for prosecution include then Ashok Jha, Secretary of the then Economic Affairs, then Joint Secretary Ashok Chawla, then Secretary Kumar Sanjay Krishna in the Ministry of Finance and then Director Deepak Kumar Singh Under the then-under-secretary Ram Sharan, in the Ministry. Of these five, three are employed in various government departments while two have retired. Of these, three are employed in various government departments while two have retired.

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