Former IAS Officer Upma Chawdhry Named MSE Chairperson

By: Women Entrepreneurs Review Team | Wednesday, 3 June 2026

Retired IAS officer Upma Chawdhry has been appointed Chairperson of the Governing Board of the Metropolitan Stock Exchange of India, following approval from the Securities and Exchange Board of India (SEBI). This means she now heads the country's first-ever female led Market Infrastructure Institution.

Upma, who has over three and a half decades of rich experience in public administration, governance, policy making and institutional leadership, is an officer of the Indian Administrative Service (IAS) cadre of the state of Himachal Pradesh from 1983 batch. She was born in 1959 and retired from government service in December 2020, having served in a number of important posts at both the state and central levels.

Prior to becoming Chairperson, Upma was a Public Interest Director of the board of the Metropolitan Stock Exchange. Her appointment to the top role is being seen as a major move towards greater gender diversity and representation in the leadership roles in the Indian financial and regulatory landscape.

Key Highlights:

• First woman to head the Metropolitan Stock Exchange
• 1983-batch IAS officer with 35+ years of administrative experience
• Former first woman Director of LBSNAA and ex-Secretary to the Government of India

Upma has been successful in her career achievements so far. In 2016, she was appointed as the first woman Director of the Lal Bahadur Shastri National Academy of Administration, Missouri, which is the country's top institution for training civil servants. She served at the academy focusing on improving training and governance of public administration.

Upma has also participated in various international fora like the World Trade Organisation for India and was on the Committee of Experts on Public Administration under the United Nations. She has rich experience in the areas of governance, economic policy, administrative reforms, public service delivery and institutional development.

Upma and her husband, former Chief Secretary of Himachal Pradesh, Vineet Chawdhry, are prominent names in the administrative world of India, who are hailing from Jalandhar, Punjab. The addition of a director from the MSE community will be expected to have a positive impact on the exchange's governance system and its strategic development in the longer term.

The move has been well received by industry observers, who say that her expertise in the regulatory process and public institutions will be useful in developing the exchange in a changing financial world. The choice also highlights recognition of women leaders in traditionally male dominated sectors.

With the Indian capital markets still in a state of growth and modernization, Upma’s tenure at the Metropolitan Stock Exchange is likely to add an element of administrative skill, governance excellence and strategic foresight to one of the nation's financial institutions.