The Securities and Exchange Board of India (SEBI) has approved the appointment of retired IAS officer Upma Dada Chawdhry as chairperson of the governing board of Metropolitan Stock Exchange of India (MSE), making her the only woman currently heading any Indian market infrastructure institution. According to reports from The Economic Times and The Hindu BusinessLine, MSE announced the appointment on Friday, stating that Chawdhry, who currently serves as a public interest director on the exchange's board, has received regulatory approval to assume the role. The exchange has now officially announced that SEBI has approved the appointment of Upma Dada Chawdhry, Public Interest Director, as the Chairperson of the Governing Board of MSE. With this appointment, MSE will become the only domestic exchange where the MD&CEO and Chairperson will both be women, marking a significant milestone in India's market infrastructure governance.
A 1983-batch IAS officer of the Himachal Pradesh cadre, Chawdhry brings over 35 years of experience across public administration, governance, finance, rural development, education, industry, tourism and public sector reforms. As reported by The Economic Times and The Hindu BusinessLine, she retired from government service as Secretary to the Government of India and has held several senior administrative positions at both state and central levels during her career. Her notable achievements include becoming the first woman director of the Lal Bahadur Shastri National Academy of Administration in 2016 and serving as a member of the United Nations Committee of Experts on Public Administration between 2018 and 2021. She has also represented India at international forums including the World Trade Organization and has worked closely with several United Nations agencies, including chairing the working group for the United Nations Public Service Awards. Chawdhry is widely known for her work in governance and institutional reforms, with her extensive experience in public policy and administrative leadership spanning crucial sectors including finance, public sector reforms, education and women's empowerment.
Commenting on the appointment, Latika S. Kundu, Managing Director & CEO of MSE, emphasized Chawdhry's governance experience would be valuable as the exchange pursues its growth plans. According to The Economic Times and The Hindu BusinessLine, Kundu stated that "We are privileged to welcome Ms. Chawdhry as chairperson of the governing board of MSE. Her distinguished public service legacy, deep governance expertise and institution-building leadership will provide immense strength to the exchange." Kundu added that "her guidance comes at a significant phase in MSE's journey as we continue to advance our vision of building a strong, transparent, innovative, and inclusive market infrastructure institution for new India." The appointment comes at a time when MSE is seeking to strengthen its presence across multiple market segments, with the exchange holding SEBI recognition to operate in equity, equity derivatives, currency derivatives and debt market segments.
As reported by MSE press release, the exchange is strengthening its technology as part of plans to attract traders on its platform and launch new products based on market need. MSE, formerly known as MCX Stock Exchange, is India's youngest stock exchange and remains significantly smaller than rivals NSE and BSE. The exchange has been working to expand participation through new products and partnerships across the financial ecosystem, focusing on strengthening its presence across multiple market segments. Chawdhry has also served on the boards of several reputed institutions and companies, contributing significantly towards governance enhancement and organizational development.
