BSE Appointed Mr. Subhash Sheoratan Mundra as its New Chairman

BANKING AND ECONOMY

The board of the Bombay Stock Exchange (BSE) approved the appointment of Mr.Subhash Sheoratan Mundra (SS Mundra) as its Chairman. It is subjected to the approval of the Securities Exchange Board of India (SEBI) - the market regulator.

Mr.Mundra will replace Justice Vikramajit Sen.

He worked as the Deputy Governor of the Reserve Bank of India (RBI) for a term of three years and retired on 30th July 2017. Before that, he served as the Chairman and Managing Director of Bank of Baroda where he superannuated in 2014. 

He also served as RBI’s nominee on the Financial Stability Board (G20 Forum) and its various committees. Mr.Mundra held several important positions including that of Executive Director of Union Bank of India, and Chief Executive of Bank of Baroda (European Operations) amongst others. He was also the Vice-chair of OECD’s International Network on Financial Education (INFE).

He completed his Degree of Doctor of Philosophy (D.Phil.) from Amity University and was awarded Honoris Causa in recognition of his services in the field of banking and related areas. Honoris Causa means a degree awarded without examination.

The BSE Limited is an Indian stock exchange that was established in 1875 and located on Dalal Street in Mumbai. It was established by the cotton merchant Premchand Roychand. It is the oldest stock exchange in Asia and also the tenth oldest in the world. 

The Securities and Exchange Board of India (BSE)  is the regulatory body for the securities and commodity market in India and was established on 12 April 1988. It functions under the ownership of the Ministry of Finance, Government of India. It was given Statutory Powers on 30 January 1992 through the SEBI Act, 1992.

 

   Important points for the exam:

  • Mr.Subhash Sheoratan Mundra was appointed as the Chairman of BSE Limited - the oldest stock exchange in Asia.
  • The appointment was approved by the board of the Bombay Stock Exchange (BSE) and subjected to the approval of the Securities Exchange Board of India (SEBI).
  • Mr.Mundra will replace Justice Vikramajit Sen.
  • He worked as the Deputy Governor of the Reserve Bank of India (RBI) for a term of three years and retired on 30th July 2017.
  • Before that, he served as the Chairman and Managing Director of Bank of Baroda where he superannuated in 2014.

   Facts to know:

  • BSE Limited was established in 1875.
  • BSE limited was located in Mumbai, Maharashtra.
  • The Securities and Exchange Board of India (BSE) was established in 1988.
  • SEBI functions under the ownership of the Ministry of Finance.
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