NSE chairman Ashok Chawla resigns with immediate effect

The National Stock Exchange Friday said Ashok Chawla has resigned as chairman with immediate effect in light of recent legal developments. However, the exchange did not provide specific details.

The Securities and Exchange Board of India (Sebi) has 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.

Ashok Chawla, has been the NSE Chairman since 2016, was the former Secretary of Economic Affairs.and has been named in the case along with former finance minister P Chidambaram and his son Karti Chidambaram.

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 in light of recent legal developments".