DMart welcomes former SEBI chief CB Bhave as new chairperson
Avenue Supermarts Ltd., the company that owns the DMart retail chain, has announced the appointment of Chandrashekhar B. Bhave as its new chairman. Bhave, a former bureaucrat, has also served as the chief of the Securities and Exchange Board of India (SEBI). He is slated to step into his new role starting April 1. The news was shared via an exchange filing by the company, which is under the ownership of billionaire Radhakishan Damani.
Bhave has a wealth of experience in financial services
Bhave boasts a diverse portfolio of board memberships, with stints at prominent companies such as Mahindra and Mahindra Financial Services Ltd., Vistaar Financial Services Pvt., Tejas Networks Ltd., and Niva Bupa Health Insurance Co. His public service career spans roles as SEBI chairman from 2008 to 2011, senior executive director of SEBI from 1992 to 1996, along with various positions within state and central governments as an Indian Administrative Service (IAS) officer.
Bhave was under CBI probe for granting license to MCX-SX
In the past, Bhave found himself under investigation by the Central Bureau of Investigation (CBI) concerning alleged discrepancies in issuing a comprehensive exchange license to MCX-SX. However, in 2014, these proceedings were eventually dismissed due to insufficient evidence of criminal activity. Today, Avenue Supermarts's shares closed 0.08% higher at Rs. 4,014, while broader stock market indices Nifty and Sensex plummeted over 1%.
