Central Depository Services India Limited, one of Indias primary and systemically important market infrastructure institutions, has officially announced the reappointment of Gurumoorthy Mahalingam as Public Interest Director and Chairperson of its Governing Board. This decision represents a significant continuation of leadership stability at the depository and aligns with its long term governance principles focused on regulatory compliance, market oversight and institutional credibility. The approval for this reappointment has been granted by the Securities and Exchange Board of India, following the recommendations of CDSLs Nomination and Remuneration Committee and Governing Board.

Mahalingams new term will begin on 27 February 2026 and will continue until 26 February 2029. His position as Public Interest Director means he will not be subject to rotation norms that apply to other directors. His continuation in the role reflects SEBIs confidence in his capabilities and CDSLs commitment to maintaining a high standard of regulatory supervision at the board level. The announcement was published through an official corporate filing dated 22 November 2025 and shared with both the National Stock Exchange of India and BSE Limited.

In the context of Indias securities market ecosystem, the role of a Public Interest Director holds tremendous responsibility. Such directors are appointed to ensure that the functioning of a market infrastructure institution remains aligned with public interest and maintains strong ethical, regulatory and operational discipline. Market infrastructure institutions such as depositories, clearing corporations and stock exchanges must demonstrate high levels of governance due to their systemic importance and the risks associated with handling investor assets, market data and sensitive financial activities. CDSLs decision to continue its association with a highly experienced expert like Mahalingam reinforces its commitment to safeguarding investor confidence.

Gurumoorthy Mahalingam brings with him more than four decades of experience across financial market regulation, monetary policy, central banking operations, foreign exchange management, market development and policy enforcement. His professional journey spans two of Indias most vital regulators, the Reserve Bank of India and the Securities and Exchange Board of India. Across his long career he has held varied senior roles that required deep expertise, high accountability and the ability to manage complex market conditions.

At the Reserve Bank of India, Mahalingam was involved in shaping key aspects of financial market development, managing foreign exchange reserves, regulating banks and designing policy frameworks. His tenure included leadership responsibilities in foreign exchange market interventions, liquidity management and regulatory decision making during globally turbulent periods. His experience includes handling market volatility during the global financial crisis, the European debt crisis and the tapering phase of liquidity support measures introduced by major central banks. His understanding of market behaviour, risk dynamics and monetary policy transmission is widely respected.

One of his major responsibilities at the Reserve Bank of India included serving as Chief Dealer and Executive Director, a role tied closely to the countrys foreign exchange reserve operations and rupee liquidity strategies. His role also extended to policy formulation in areas such as financial benchmarks, corporate bond markets and foreign exchange regulations. His exposure to multiple crisis situations strengthened his ability to address complex challenges under pressure and design responses that protect financial stability.

After his long tenure at the Reserve Bank of India, Mahalingam served as a Whole Time Member of the Securities and Exchange Board of India from 2016 to 2021. In this role he was responsible for regulation of key market participants including mutual funds, stock exchanges, foreign portfolio investors, corporate issuers, investment intermediaries and market infrastructure institutions. His responsibilities extended to enforcement, investigation and adjudication. Over this period he acted as a quasi judicial authority for more than 500 market related cases, including violations of securities laws, governance lapses and market misconduct. These experiences significantly shaped his understanding of market integrity and the importance of strong supervision.

He has been closely associated with policy development in areas such as derivatives markets, corporate governance frameworks, capital market reforms and institutional risk management. Additionally he has been part of several influential committees on market structure, benchmarks and financial system reforms. His post SEBI career involves serving as an independent director on multiple respected institutions including a leading life insurance company, a private sector bank, a pension fund and a credit rating agency. His accumulated insights from these sectors further enhance his holistic understanding of Indias financial architecture.

The decision to reappoint him at CDSL aligns with SEBIs emphasis on strengthening market infrastructure institutions through qualified and independent oversight. As Chairperson of CDSLs Governing Board, he will be responsible for guiding strategic direction, ensuring compliance with regulatory expectations, supporting investor protection initiatives and strengthening the overall risk management framework of the depository. Public Interest Directors are expected to ensure that institutions operate with fairness, transparency and sensitivity to market stability. These expectations become even more important for an organisation like CDSL that handles millions of demat accounts and plays a crucial role in Indias financial transactions ecosystem.

CDSLs filing also confirms that Mahalingam is not related to any board member and has declared that he is not debarred by any regulatory authority from holding the post of director. These confirmations are essential for adherence to SEBI norms and reflect the institutions commitment to transparency and accountability. Additionally, the appointment follows the prescribed procedure set by SEBI, including verification of eligibility, approval by the governing board and formal clearance from the regulator.

Beyond his professional achievements, Mahalingam has an academic background that includes a Masters degree in Statistics and Operations Research from IIT Kanpur and an MBA in International Banking and Finance from Birmingham Business School in the United Kingdom. His combination of academic strength and regulatory experience has consistently positioned him as one of the respected voices in financial policy circles.

His reappointment also signals continuity for CDSL at a time when Indias capital markets are expanding rapidly. With millions of new demat accounts being opened each year, rising investor participation, increased digitisation and significant market reforms underway, depositories face heightened expectations regarding security, compliance and operational resilience. Having an experienced regulatory professional at the helm supports CDSLs efforts to operate safely and efficiently while expanding its technological and operational capabilities.

In recent years, CDSL has been strengthening its digital infrastructure, improving risk management systems, enhancing cybersecurity and scaling up its operations to accommodate larger transaction volumes. The leadership of experienced professionals on its board plays an essential role in maintaining balance between innovation and regulatory discipline. Market infrastructure institutions must ensure that growth is matched with strong governance. The presence of a seasoned regulator like Mahalingam can help guide the institution through evolving market conditions and regulatory expectations.

Overall, the reappointment brings stability, continuity and expert oversight to CDSL. The decision reinforces the institutions commitment to strong governance practices and aligns with SEBIs emphasis on public interest, regulatory compliance and market integrity. As market participation grows and the financial ecosystem becomes more interconnected, the role of such independent and experienced leaders becomes even more critical.

CDSL continues to maintain transparency by publishing this information on its official website in accordance with Regulation 46 of SEBI Listing Regulations. This ensures that investors, market participants and stakeholders remain informed about key governance developments. The companys prompt disclosure also reflects its adherence to corporate governance norms and reinforces trust in the institution.

The coming years are expected to bring more complexities in market structure, regulatory policy and operational demands for market infrastructure institutions. With this reappointment, CDSL positions itself strongly to navigate these developments under experienced leadership committed to upholding public interest and market integrity.

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