Ashok Chawla, chairman of National Stock Exchange (NSE), stepped down with immediate effect in light of recent legal developments, the exchange announced on Friday.

However, the exchange did not provide specific details.

The centre today granted sanction to prosecute five people including Chawla accused in the Aircel-Maxis case.

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.

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".

Chawla, who has been the NSE Chairman since 2016, was the former Secretary of Economic Affairs.

(With inputs from PTI)

First Published:Jan 11, 2019 8:00 PM IST