Ashok Chawla resigns as NSE chairman with immediate effect

Ashok Chawla | The non-executive chairman of Yes Bank stepped down on November 14 amidst reports that he felt the private bank needed someone who could devote more time and attention while CEO Rana Kapoor is on his way out. Chawla, who is also the chairperson of the National Stock Exchange and a board member of Jet Airways, was at the helm of the fourth largest private sector bank in India since 2016. Due to the multiple positions he holds, Chawla previously faced questions over possible conflict of interests. In July, CBI named him in a charge sheet in the Aircel-Maxis corruption case.

Moneycontrol News
Ashok Chawla has resigned as the chairman of the National Stock Exchange of India (NSE) with immediate effect after the Centre granted sanction to prosecute five people including Chawla accused in the Aircel-Maxis case.

Chawla, who has been the NSE Chairman since 2016, was the former Secretary of Economic Affairs and was named in the case along with former finance minister P Chidambaram and his son Karti.

Moneycontrol had first reported in July 2018 that market regulator Securities and Exchange Board of India (SEBI) would take cognisance of the matter and look at whether or not to allow Chawla to continue holding the post.

As per revised rules, A class government officials covering positions of joint secretary and above cannot be prosecuted without approval of the Centre, whether or not the officials are still in active service.

Chawla was named in a charge sheet filed by the Central Bureau of Investigation (CBI) on July 19 in the Aircel-Maxis case.

The charge sheet filed at Delhi’s Patiala House Court named former finance minister P Chidambaram and his son Karti Chidambaram as accused in the Aircel-Maxis deal. Overall, the CBI had named 18 individuals under section 120-B read with section 7, 12, 13(2) read with 13(1) D of the Prevention of Corruption Act.