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Former SEBI chief Chandrashekhar Bhave to chair Avenue Supermarts, parent company of DMart

The change in leadership ensued after Ramesh Damani concluded his second term on Avenue Supermarts' board on March 31.

Former Securities & Exchange Board of India (SEBI) chairman Chandrashekhar Bhave replaces Ramesh Damani as the chairman of Avenue Supermarts (DMart), an Indian retail corporation that operates a chain of supermarkets in India. 

Avenue Supermarts stated in a regulatory filing, “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."

Bhave has extensive experience in both state and central administrative services as well as securities regulation. He served as a senior executive director of SEBI during its formative years from 1992 to 1996, contributing significantly to the establishment of the regulatory infrastructure for capital markets.

Following this, he assumed the role of chairman and managing director of National Securities Depository (NSDL) from 1996 to 2008. Later, he served as the chairman of SEBI from 2008 to 2011.

He is also a member of the board of Mahindra and Mahindra Financial Services, Vistaar Financial Services, Tejas Networks, Niva Bupa Health Insurance Company and Saankhya Labs.

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