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Avenue Supermarts Appoints Chandrashekhar B. Bhave as New Chairman


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Avenue Supermarts Ltd., the company that owns the DMart retail chain, has announced the appointment of Chandrashekhar B. Bhave as its new chairman. Bhave, a former bureaucrat, has also served as the chief of the Securities and Exchange Board of India (SEBI). He will begin his new role on April 1. The news was shared through a filing by the company, which is owned by billionaire Radhakishan Damani.

Bhave has an extensive board membership portfolio, having worked at prominent companies such as Mahindra and Mahindra Financial Services Ltd., Vistaar Financial Services Pvt., Tejas Networks Ltd., and Niva Bupa Health Insurance Co. He has had a career in public service, serving as the SEBI chairman from 2008 to 2011, senior executive director of SEBI from 1992 to 1996, and holding various positions within state and central governments as an Indian Administrative Service (IAS) officer.

In the past, Bhave was investigated by the Central Bureau of Investigation (CBI) regarding alleged discrepancies in issuing a comprehensive exchange license to MCX-SX. However, in 2014, these proceedings were dismissed due to insufficient evidence of criminal activity. Today, Avenue Supermarts’ shares closed 0.08% higher at Rs. 4,014, while the broader stock market indices Nifty and Sensex experienced a decline of over 1%.

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