Renowned investor Ramesh Damani has completed his second term on the board of Avenue Supermarts, ceasing to be Chairman and Independent Director of the company as of March 31.
Damani’s position has been succeeded by former Securities & Exchange Board of India (SEBI) Chairman Chandrashekhar Bhave, as announced by Avenue Supermarts, the operator of the DMart retail chain.
In a regulatory filing, Avenue Supermarts stated, “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.”
Chandrashekhar Bhave, a seasoned professional with extensive experience in state and central administrative services and securities regulation, was appointed as Chairman of DMart on March 16. Bhave served as a senior executive director of SEBI from 1992 to 1996 and as the chairman and managing director of National Securities Depository Limited (NSDL) from 1996 to 2008. He later held the position of Chairman of SEBI from 2008 to 2011.
During his tenure, Bhave significantly contributed to shaping the regulatory infrastructure for capital markets. He also served as the chairperson of the Asia-Pacific Regional Committee and was a member of the technical and executive committees of the International Organisation of Securities Commission.
Apart from his role at DMart, Bhave serves on the boards of various companies, including Mahindra and Mahindra Financial Services, Vistaar Financial Services Private Limited, Tejas Networks, Niva Bupa Health Insurance Company, and Saankhya Labs Private Limited. He is also a trustee on the board of trustees of the Independent and Public Spirited Media Foundation Trust.
On March 28, DMart shares closed 2.50% higher at ₹4,529.35 apiece on the BSE.
