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Ashok Chawla steps down as NSE chairman

ANI  |  New Delhi [India] 

(NSE) stepped down from his position on Friday.

The resignation comes hours after the gave prosecution sanctions to six former (FIPB) officials including Chawla in connection with the Maxis case.

Chawla, who has been the of NSE since 2016, stepped down "in light of recent legal developments," read an official statement from the NSE.

The Maxis case emerged out of the 2G spectrum cases, pertaining to an approval granted to a Mauritius-based firm, M/s Global Communication and Services Holdings Limited, by the (FIPB) for investment in

The FIPB approval was allegedly granted in the year 2006 when P was the

According to the rules and Foreign Direct Investment (FDI) policy of the Central government, was only empowered to give approval to proposals involving a foreign investment amount of up to Rs 600 crore.

However, he reportedly approved the foreign investment proposal of Global Communication and Services Holdings Ltd worth Rs 3,560 crore approximately.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 11 2019. 21:11 IST