Honorable Justice D. R. Dhanuka (Retd.), Non-Executive Chairman, BSE resigns

Honourable Justice D. R. Dhanuka (Retd.) has resigned as Non-Executive Chairman and Public Representative Director of the Governing Board of The Stock Exchange, Mumbai (BSE).

Justice D.R. Dhanuka (Retd) was the first Non-Executive Chairman of the Governing Board of the Exchange from September 27, 2002. He has been a Public Representative Director on the Governing Board of the Exchange since January 1999 and was re-appointed from time to time.

During his tenure at BSE, Justice D. R. Dhanuka has rendered invaluable services to the Exchange. His unimpeachable conduct, vast legal knowledge, and articulation skills have been appreciated and acknowledged by his peers in the Governing Board. His untiring zeal and efforts in resolving the long pending entangled arbitration appeals has also helped the investor community at large.

During the period March 2001 to February 2002 when the elected directors were restrained from attending the Governing Board meetings, the leadership and support provided by him went a long way in BSE meeting the then challenges in a most difficult period.

Justice Dhanuka was a member of various important committees at the Exchange such as Disciplinary Action Committee (DAC), Defaulters Committee and Listing Committee. With his eminent judicial background, Justice Dhanuka has contributed immensely in formulating the Rules of the Exchange in line with the Model Rules prescribed by SEBI.

Justice Dhanuka is a former Judge of the Bombay High Court and also practices in the Supreme Court of India in selected matters. He was a professor of Law in Government Law College, Mumbai. He was also appointed Chairman of Legal Advisory Committee of University of Mumbai.

On 28th February 1997, SEBI appointed Security Laws (Amendments) Committee (also referred to as the Dhanuka Committee) under Chairmanship of Justice Dhanuka to examine areas of deficiency in the SEBI Act, 1992, Securities Contracts (Regulation) Act, 1956, the Depositories Act, 1996 and relevant provisions of Companies Act, 1956 having bearing on Capital Markets and make suitable recommendations to protect the interest of Investors.

The Exchange will remain ever indebted for his invaluable and selfless association and leadership to the organisation.