The Central Depository Services (CDSL) has received approval from the Securities and Exchange Board of India (SEBI) to appoint two new executive directors to the board. According to the latest regulatory filing, the appointments are subject to ratification by the shareholders of CDSL and will be effective upon their respective dates of joining. The SEBI approval was communicated through letters dated May 25, 2026, with reference numbers HO/47/22/16(1)2026-MRD-RAC2-I/12349/2026 and HO/47/24/13(2)2026-MRD-RAC2-I/12351/2026. This development follows an earlier intimation by CDSL dated May 02, 2026, and the information regarding these appointments is available on the company's official website in compliance with Regulation 46 of the SEBI Listing Regulations.
Amit Mahajan will oversee Vertical 1, which encompasses Critical Operations. According to the regulatory filing, Amit Mahajan, bearing Director Identification Number (DIN) 06984769, will serve as the Executive Director for Vertical 1. Meanwhile, Nayana Ovalekar, with DIN 02195513, will take on the role of Executive Director for Vertical 2, which covers Regulatory, Compliance, Risk Management, and Investor Grievances. As reported in the regulatory filing, these appointments represent strategic additions to CDSL's leadership structure across operational and regulatory functions.
The SEBI approval was communicated through letters dated May 25, 2026, with the regulatory filing submitted to the National Stock Exchange of India (NSE). The regulatory approval provides the necessary framework for these appointments to proceed, subject to the mandatory shareholder ratification process. This timeline indicates the expedited nature of the approval process for these key leadership positions, ensuring proper regulatory compliance and transparency in the appointment process.
These appointments are part of SEBI's broader efforts to strengthen corporate governance, operational resilience, regulatory oversight, and technology capabilities amid rising trading volumes and increasing digitisation of the securities market. In June last year, SEBI had proposed measures for strengthening the governance framework for exchanges, depositories, and clearing corporations, collectively called Market Infrastructure Institutions (MIIs). The regulatory body had proposed the appointment of two executive directors (EDs) to the governing board - one for the critical operations vertical and another for the regulatory, compliance, and risk management vertical. MIIs are free to appoint the third ED for other functions, including the business development vertical.
