NSE red-faced as President Kovind pulls out of silver jubilee celebrations

His press secretary attributes it to busy schedule, says 'no clue' if it has anything to do with NSE chairman Ashok Chawla being named in a CBI chargesheet

President Ram Nath Kovind has pulled out of the launch of the silver jubilee celebrations of the National Stock Exchange (NSE) this week after invitations were sent out saying he would be the chief guest.

The invitation for the event at the country’s largest stock exchange was sent by NSE chairman Ashok Chawla and managing director and CEO Vikram Limaye. It had led to some disquiet in official circles as it involved Chawla, who is chargesheeted by the CBI in the Aircel-Maxis bribery case.

The event was scheduled in New Delhi on Wednesday but the President’s press secretary, Ashok Malik, said the President had declined due to his busy schedule.

Malik said he had “no clue” when asked if the President’s decision had anything to do with Chawla’s name on the charge sheet.

“He has regretted…he has a very busy schedule this week and he is also travelling, so he has no time,” Malik told ThePrint.

An NSE official said he had no information about the President pulling out of the event. “We are not sure (about whether or not Kovind will attend), we are yet to get the confirmation,” said the official who spoke on condition of anonymity.

Chawla, who was finance secretary before retiring in 2011, is one of 12 individuals and six firms named in the Aircel-Maxis chargesheet filed last month. The list also includes former finance minister P. Chidambaram and his son Karti.

The CBI, which has been granted two months by the Delhi High Court, can prosecute Chawla only if the Modi government permits it under new provisions of the Prevention of Corruption Act.

Chawla was appointed chairman of the Competition Commission of India by the UPA government in the same year he retired. He joined the NSE board in May 2016 and his term as chairman ends in March 2019.

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