The National Stock Exchange on Friday said that Ashok Chawla has resigned as chairman with immediate effect in light of recent legal developments. The exchange, however, did not provide specific details.
The Securities and Exchange Board of India had 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.
In a statement, the bourse said Chawla has resigned as "Public Interest Director/ Chairman of the Board of Directors of the National Stock Exchange of India Ltd. with immediate effect.”
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