Ex-SEBI chief Chandrashekhar Bhave replaces Ramesh Damani as DMart chairman
Chandrashekhar Bhave, the ex-chairman of the Securities and Exchange Board of India (SEBI), has been appointed as the new chairman of Avenue Supermarts, the company behind DMart. This change in leadership comes after Ramesh Damani concluded his second term on Avenue Supermarts's board on March 31. The company confirmed Damani's departure stating he "has completed his second consecutive term as an Independent Director... and has accordingly ceased to be the chairman."
Bhave's appointment was announced by DMart in March
DMart, owned by billionaire Radhakishan Damani, had announced Bhave's appointment through a regulatory filing last month. The company highlighted Bhave's extensive experience in state and central administrative services and securities regulation as a valuable asset to his new role. His significant contributions to establishing the regulatory framework for capital markets during his tenure at SEBI from 1992 to 1996 were also noted.
Bhave's distinguished career and global roles
Bhave's career includes his role as chairman and managing director of National Securities Depository Limited (NSDL) from 1996 to 2008, and later as SEBI chairman from 2008 to 2011. He has also held various positions within state and central governments as an Indian Administrative Service (IAS) officer. The company emphasized his international roles, stating that he was "the chairperson of the Asia-Pacific Regional Committee and a member of the technical and executive committees of the International Organization of Securities Commission."
Bhave's current board memberships
In addition to his new role at Avenue Supermarts, Bhave holds memberships on several other boards including Mahindra and Mahindra Financial Services, Vistaar Financial Services Private Limited, Tejas Networks, Niva Bupa Health Insurance Company, and Saankhya Labs Private Limited. He also serves as a trustee on the board of trustees of the Independent and Public Spirited Media Foundation Trust. Today, DMart shares opened 0.27% higher at Rs. 4,538 each on the NSE.
