Aircel Maxis case: Ashok Chawla resigns as chairman of Nationwide Inventory Change after Centre sanctions prosecution

New Delhi: Former bureaucrat Ashok Chawla on Friday resigned as chairman of the Nationwide Inventory Change with instant impact, the bourse stated, hours after the CBI stated the Centre has granted sanction to prosecute him within the Aircel-Maxis case.

The change whereas making the announcement on Friday evening didn’t present particular particulars.

In an announcement, the bourse stated Chawla has resigned as “Public Curiosity Director/ Chairman of the Board of Administrators of the Nationwide Inventory Change of India Ltd with instant impact in gentle of latest authorized developments”.

The Securities and Change Board of India (Sebi) has been probing the alleged lapses in high-frequency buying and selling provided by way of NSE’s co-location facility. It was additionally investigating whether or not some brokers had unfair entry to the change’s co-location facility.

A former finance secretary, Chawla took over because the chairman of the change on 28 March 2016. He had additionally served as civil aviation secretary and chairperson of the Competitors Fee of India (CCI), amongst different roles.

File photograph of Ashok Chawla. Picture courtesy PIB

Chawla stop as Sure Financial institution chairman in November final yr.

The CBI earlier within the day knowledgeable a Delhi courtroom that the Centre has granted sanction to prosecute 5 individuals, together with serving and former bureaucrats, accused within the Aircel-Maxis case involving Congress chief and ex-Union minister P Chidambaram and his son Karti.

The then members of the International Funding Promotion Board (FIPB), towards whom sanctions have been procured, are the then secretary (financial affairs) Ashok Jha, the then further secretary Ashok Chawla, the then joint secretary in finance ministry Kumar Sanjay Krishna, the then director within the ministry Dipak Kumar Singh, and the then below secretary within the ministry Ram Sharan.

Of the 5, three are working with varied authorities departments whereas two have retired.

The submissions had been made earlier than Particular Decide O.P. Saini who prolonged until February 1 the interim safety from arrest granted to Chidambaram and Karti within the Aircel-Maxis instances filed by the CBI and the ED.

The CBI had on 16 November final yr, knowledgeable the courtroom that related nod was procured for P Chidambaram. There are 18 accused within the case.

In the meantime, the NSE board has eight different members, together with Managing Director and CEO Vikram Limaye.

There are three shareholder administrators—Abhay Havaldar, Prakash Parthasarathy and and Sunita Sharma.

The 4 public curiosity administrators are Dinesh Kanabar, Naved Masood, T V Mohandas Pai and Dharmistha Raval.

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