Mumbai, Jan. 11 -- Ashok Chawla on Friday resigned as Chairman the National Stock Exchange of India Ltd (NSE) with immediate effect in light of recent legal developments, said NSE in press statement.

This comes after the Central Bureau of Investigation (CBI) counsel today informed a special court in Delhi that it has obtained sanction from the respective ministry to file charges against him and four other former bureaucrats in the Aircel-Maxis case.

Mint had first reported on 5 November that Chawla would need to step down as soon as the CBI gets the go-ahead to prosecute him.

Chawla had to step down as he was no longer fit and proper as per the regulation of Securities and Exchange Board of India.

Individuals under prosecution and those...