Sebi issues Rs 2-crore claim against ex-NSE CEO Ravi Narain


The Securities and Exchange Board of India (Sebi) on Thursday issued a demand of Rs 2 crore to Ravi Narain, former chief executive officer (CEO) of the National Stock Exchange (NSE), over the issue of stock exchange governance issues. “An amount of Rs 2.06.01,000/- (Rupees Two Crore Six Lakh One Thousand) together with further interest, all costs, charges and expenses incurred in connection with all proceedings instituted to recover the said amount is owed to Sebi. yours (Narain),” Sebi said on Thursday.

The regulator has asked the former NSE chief to pay the amount within 15 days of receiving the notification. In the event of non-payment of the dues, Sebi said it will recover the amount by seizing Narain’s movable and immovable property, seizing bank accounts, arrest and detention in prison and appoint a trustee for the management of the movable and immovable property of Narain. characteristics.

The notice to Narain comes after several developments in the NSE case, including the arrest of former NSE CEO Chitra Ramkrishna and former NSE group official Anand Subramanian, in the past few months. On 11 February this year, the market regulator had imposed fines of Rs 3 crore on Ramkrishna, Rs 2 crore on Narain and another Rs 2 crore fine each on NSE and Anand Subramanian – mainly for governance issues regarding the appointment of the Chief Strategic Officer in 2013 and the leakage of sensitive information related to the exchanges to an “unknown person”.

Sebi further stated in her notice on Thursday that Narain no longer remains authorized to pledge, charge, lease or otherwise deal in any property belonging to him except with the consent of the recovery officer, and such transfer will be subject to the rules as be considered null and void. from the controller.

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