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SEBI Slaps Rs 2 Crore Recovery Notice On Former NSE Official

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SEBI Slaps Rs 2 Crore Recovery Notice On Former NSE Official
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NSE Co-Location Scam: SEBI has slapped Rs 2 crore recovery notice on a former NSE official

New Delhi:

Capital markets regulator Securities and Exchange Board of India (SEBI) on Tuesday sent a notice to former group operating officer of National Stock Exchange (NSE), Anand Subramanian, asking him to pay Rs 2.05 crore in a case related to governance lapses at the stock exchange, and warned of arrest and attachment of assets as well as bank accounts if he fails to make the payment within 15 days.

The notice came after Mr Subramanian failed to pay the fine imposed on him by SEBI.

The regulator, through an order passed on February 11, levied a fine of Rs 2 crore Mr Subramanian in the matter of governance issues at the exchange.

SEBI charged former NSE chiefs, Chitra Ramkrishna and Ravi Narain, and others with alleged governance lapses in the appointment of Subramanian as the chief strategic advisor and his re-designation as group operating officer and advisor to then managing director Ms Ramkrishna.

In addition, Ms Ramkrishna was accused of sharing confidential information of the company with an “unidentified person”.

The regulator levied a fine of Rs 3 crore on Ms Ramkrishna and Rs 2 crore on Mr Narain.

Mr Narain was the managing director and CEO of NSE from April 1994 till March 2013. He was appointed as vice-chairman in the non-executive category on the NSE’s board from April 2013 and remained so till June 2017. Ms Ramkrishna was MD and CEO of NSE from April 2013 to December 2016.

In its fresh notice, SEBI directed Mr Subramanian to pay Rs 2.05 crore, which includes interest and recovery cost, within 15 days.

In the event of non-payment of dues, the markets regulator will recover the amount by attaching and selling his moveable and immoveable property. Besides, he also faces attachment of his bank accounts and arrest.

A similar demand notice was sent to Mr Narain last week. 

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