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Ashok Chawla quits as NSE chairman after CBI gets sanction to prosecute him in Aircel-Maxis case

Press Trust of India  |  New Delhi 

Former bureaucrat Friday resigned as of the National Stock Exchange with immediate effect, the said, hours after the CBI said the Centre has granted sanction to prosecute him in the Aircel-case.

The exchange while making the announcement Friday night did not provide specific details.

In a statement, the said Chawla has resigned as "Public Interest Director/ of the with immediate effect in light of recent legal developments".

(Sebi) has been probing the alleged lapses in high-frequency trading offered through NSE's co-location facility. It was also investigating whether some brokers had unfair access to the exchange's co-location facility.

A former secretary, Chawla took over as the of the exchange on March 28, 2016. He had also served as and chairperson of the (CCI), among other roles.

Chawla quit as chairman in November last year.

The CBI earlier in the day informed a that the Centre has granted sanction to prosecute five people, including serving and former bureaucrats, accused in the Aircel-case involving and ex-Union P and his son

The then members of the (FIPB), against whom sanctions have been procured, are the then (economic affairs) Ashok Jha, the then Ashok Chawla, the then joint secretary in ministry Kumar Sanjay Krishna, the then director in the ministry Dipak Kumar Singh, and the then under secretary in the ministry

Of the five, three are working with various government departments while two have retired.

The submissions were made before O P Saini who extended till February 1 the interim protection from arrest granted to and in the Aircel-cases filed by the CBI and the ED.

The CBI had on November 16 last year, informed the court that similar nod was procured for P There are 18 accused in the case.

Meanwhile, the NSE board has eight other members, including

There are three shareholder directors -- Abhay Havaldar, Prakash Parthasarathy and and

The four public interest directors are Dinesh Kanabar, Naved Masood, T V Mohandas Pai and Dharmistha Raval.

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

First Published: Fri, January 11 2019. 21:35 IST