14 May 2016 Current Affairs: Ashok Chawla, the former chief of fair trade regulator Competition Commission of India (CCI), has become the chairman of the National Stock Exchange (NSE).Capital market watchdog SEBI has approved the appointment and Mr. Chawla’s tenure as chairman would be till March 27, 2019.
Ashok Chawla : An experienced civil servant, Mr. Chawla retired as CCI chairman in January after being at the helm for nearly five years. He has also served as Finance Secretary and Civil Aviation Secretary, among other posts.
In February, Mr. Chawla was appointed as chairman of The Energy and Resources Institute (TERI) and as Additional Director by Yes Bank in March. The private sector lender had also said that it has applied to RBI for approval to appoint Mr. Chawla as next non-executive chairman.
National Stock Exchange of India Limited : The National Stock Exchange of India Limited (NSE) is the leading stock exchange of India, located in Mumbai. NSE was established in 1992 as the first demutualized electronic exchange in the country.
NSE was the first exchange in the country to provide a modern, fully automated screen-based electronic trading system which offered easy trading facility to the investors spread across the length and breadth of the country.NSE has a market capitalization of more than US$1.65 trillion, making it the world’s 12th-largest stock exchange as of 23 January 2015.
The exchange was incorporated in 1992 as a tax-paying company and was recognized as a stock exchange in 1993 under the Securities Contracts (Regulation) Act, 1956, when P. V. Narasimha Rao was the Prime Minister of India and Manmohan Singh was the Finance Minister. NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. The capital market (equities) segment of the NSE commenced operations in November 1994, while operations in the derivatives segment commenced in June 2000.