Appointment of New Directors on United Stock Exchange Board

MUMBAI, May 6 /PRNewswire/ -- United Stock Exchange of India today announced the appointment of two new independent directors on its Board. Mr. Arun Ramanathan, Former Union Finance Secretary, and Mr. Dipak Chatterjee, Former Union Commerce Secretary, have joined the board as independent directors.

Mr. Ramanathan has served as the Secretary, Department of Financial Services, in the Ministry of Finance, and Secretary with the Department of Chemicals and Petrochemicals in the Ministry of Chemicals and Fertilizers. Mr. Ramanathan has had a long and illustrious career with the Indian Administrative Services.

During his long career as a senior public administrator, Mr. Chatterjee had served in various capacities both at home and abroad. Mr. Chatterjee was India's ambassador to the European Union, Belgium and Luxemburg. He was also Secretary, Department of Mines, in the Ministry of Coal & Mines. Prior to this he has also held the position of Secretary in the Department of Chemicals and Petro-Chemicals.

Commenting on the development, Mr. T.S. Narayanasami, the Chairman and Managing Director of United Stock Exchange, said, "We are extremely proud and privileged to have Mr. Ramanathan and Mr. Chatterjee on the Board of United Stock Exchange. As independent directors, I am confident that they would bring fresh perspectives to the operations of the exchange and be instrumental in shaping its future. Our corporate governance is one of our major strengths, and the two new directors would also contribute largely to it."

Mr. Gaurav Arora, Founder and Managing Director of Jaypee Capital Services Limited, commented on the development, calling it excellent for the exchange to have such experienced names associated with its operations. Mr. Arora welcomed them on the Board of USE.  

The other Board members of United Stock Exchange are:

Mr. T.S. Narayanasami, Managing Director and CEO, United Stock Exchange

Mr. Madhu Kannan, Managing Director and CEO, Bombay Stock Exchange

Mr. Ashish Chauhan, Deputy CEO, Bombay Stock Exchange

Mr. Gaurav Arora, Founder and Managing Director, Jaypee Capital Services

Mr. Saurav Arora, Director, Jaypee Capital Services

Mr. M Venugopalan, Chairman & CEO, Federal Bank Limited

About United Stock Exchange of India:

The United Stock Exchange of India Limited (USE) is India's newest stock exchange to be opened for trading in currency derivatives.   The exchange is a unique Public-Private partnership with equity investments by both public sector undertakings (PSUs) and the private sector. USE represents the commitment of ALL 21 Indian public sector banks (Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, IDBI Bank, Indian Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab and Sind Bank, Punjab National Bank, State Bank of India, Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India, Vijaya Bank), respected private banks such as Axis Bank, Federal Bank, HDFC Bank and J&K Bank, and corporate houses including Jaypee Capital, MMTC and Indian Potash, to build an institution that is on its way to becoming  an enduring symbol of India's modern financial markets.  Bombay Stock Exchange is also a shareholder at USE with a 15 percent stake. In the years to come, USE aims to play a pivotal role in transforming India into a modern financial hub, by being India's most preferred stock exchange, providing a range of sophisticated financial instruments for diverse market participants to trade on and manage their risks efficiently.

SOURCE United Stock Exchange of India