DMart retail chain parent Avenue Supermarts Ltd. has named former SEBI chief Chandrashekhar B. Bhave as chairman of the company's board.
Bhave will take over on April 1, according to an exchange filing by billionaire Radhakishan Damani-owned DMart.
He has been on the boards of Mahindra and Mahindra Financial Services Ltd., Vistaar Financial Services Pvt., Tejas Networks Ltd., Niva Bupa Health Insurance Co. and private companies.
Bhave, a former bureaucrat, was chairman of Securities and Exchange Board of India from 2008 to 2011, and a senior executive director from 1992 to 1996. Prior to that, he was an Indian administrative service officer who held different positions with various state and central governments.
Bhave faced a probe by the Central Bureau of Investigation over alleged irregularities in granting a full-fledged exchange licence MCX-SX, according to media reports. The CBI, however, dropped proceedings citing lack of criminality.
Shares of Avenue Supermarts were trading 0.58% higher compared to a 0.8% decline in the benchmark Nifty 50 as of 1:30 p.m.
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