Chandrashekhar Bhaskar Bhave

Chairman, Securities and Exchange Board of India (2008-11) and Chairman, IIHS

Chandrashekhar B. Bhave has been Chairman of the IIHS Board since 2012. He was Chairman of the Securities and Exchange Board of India (SEBI), India’s capital markets regulator, from 2008 to 2011. He was also Chairperson of the Asia-Pacific regional committee and a member of the technical and executive committees of the International Organization of Securities Commissions (IOSCO), over this period.


After obtaining a bachelor’s degree in Electrical Engineering, Bhave started his career with the Indian Administrative Service (IAS) in 1975. He was Collector in Nanded and worked in the Finance and Industries Departments of the Government of Maharashtra and the Petroleum Ministry of the Government of India. For his exemplary work, he won a Government of Maharashtra award for excellence in administration. He then worked in SEBI as a Senior Executive Director (1992–1996) and helped create the regulatory infrastructure for Indian  capital markets.

In 1996, Bhave opted for voluntary retirement from the IAS to set up the National Securities Depository Ltd. (NSDL) as its Chairman and Managing Director (1996-2008). The first depository in India, NSDL became operational in 1996 within a record four-month period and took the country to the top of the global settlements rankings by 2002. NSDL was later entrusted with setting up the Government of India’s Tax Information System and the Central Record Keeping System for the New Pension Scheme (NPS).


Bhave is a member of the advisory committee on individual insolvency and bankruptcy, appointed by the Insolvency and Bankruptcy Board of India. He is a Member/Chairman of the Board of Directors of Mahindra Financial Services Limited, Avenue Supermarts Limited, Vistaar Financial Services Limited, Tejas Networks Limited and Max Bupa Health Insurance Company Limited.