CDSL · Central Depository Services (India) Limited · NSE · Filed 27 Aug · 1 min read

CDSL appoints Farokh Patel as Chief Regulatory & Compliance Officer from 1 September

Patel, a 22-year CDSL insider, succeeds Nayana Ovalekar, who demits the role at the close of 31 August 2026.

What was filed

Following its board meeting of 27 August 2026, Central Depository Services (India) Limited told the NSE it has changed the person holding its senior-most regulatory and compliance position. Farokh Patel, currently Senior Vice President – Audit, Inspection & Compliance, has been appointed Chief Regulatory Officer & Compliance Officer under the SEBI (Depositories and Participants) Regulations, 2018, effective 1 September 2026. In the same disclosure, the company confirmed that Nayana Ovalekar will cease to hold the position at the close of business on 31 August 2026, giving effect to an intimation made earlier on 19 June 2026.

An internal succession

Patel is being promoted from within. Per the filing, he has been associated with CDSL for 22 years and, before joining, worked with Stockholding Corporation of India Ltd. and S B Billimoria & Co. He will be treated as Senior Management Personnel under the SEBI Listing Regulations and as Key Management Personnel under the Depositories and Participants Regulations — the statutory weight the role carries at a market-infrastructure institution.

Total work experience: around 31 years
Years with CDSL: 22 years

The Chief Regulatory Officer & Compliance Officer is a statutorily defined role at a SEBI-regulated depository. A holder may note that CDSL has filled it via an internal, long-tenured appointee, with a defined handover between the outgoing and incoming officer. The filing is a management-change disclosure and carries no financial figures.