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Business News/ Companies / News/  Former Sebi chief Chandrashekhar Bhave to replace Ramesh Damani as Chairman of Avenue Supermarts from today
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Former Sebi chief Chandrashekhar Bhave to replace Ramesh Damani as Chairman of Avenue Supermarts from today

Ramesh Damani has been replaced by former Securities & Exchange Board of India (SEBI) Chairman Chandrashekhar Bhave, informed Avenue Supermarts, the DMart retail chain operator.

Ramesh Damani has completed his second consecutive term as an Independent Director of Avenue Supermarts. (Photo: Mint)Premium
Ramesh Damani has completed his second consecutive term as an Independent Director of Avenue Supermarts. (Photo: Mint)

Ace investor Ramesh Damani completed his second term on the board of Avenue Supermarts on March 31 and has ceased to be Chairman and Independent Director of the company.

Damani has been replaced by former Securities & Exchange Board of India (SEBI) Chairman Chandrashekhar Bhave, informed Avenue Supermarts, the DMart retail chain operator.

“Ramesh Damani has completed his second consecutive term as an Independent Director of the Company and has accordingly ceased to be the Chairman and Independent Director of the Company from the close of business hours on 31st March, 2024," Avenue Supermarts said in a regulatory filing.

Also Read: DMart share price extends rally for fifth session, up over 7% this week; CLSA initiates coverage with a ‘Buy’ call

The billionaire Radhakishan Damani-owned DMart, on March 16, had announced the appointment of Chandrashekhar Bhave as its Chairman.

Bhave has several years of experience in the state and central administrative services and securities regulation. He held the position of a senior executive director of SEBI during the years 1992 to 1996 which were the formative years of SEBI, and during which period the work of creating the regulatory infrastructure for capital markets was undertaken. 

He served as the chairman and managing director of National Securities Depository Limited (NSDL) from 1996 to 2008 and then as the chairman of SEBI from 2008 to 2011. 

Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 1

“During this period, he was also the chairperson of the Asia-Pacific Regional Committee and a member of the technical and the executive committees of the International Organisation of Securities Commission," the company said.

Bhave is also a member of the board of Mahindra and Mahindra Financial Services, Vistaar Financial Services Private Limited, Tejas Networks, Niva Bupa Health Insurance Company, Saankhya Labs Private Limited and a trustee on the board of trustees of the Independent and Public Spirited Media Foundation Trust.

On March 28, DMart shares ended 2.50% higher at 4,529.35 apiece on the BSE.

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Published: 01 Apr 2024, 08:06 AM IST
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