The Securities and Exchange Board of India (Sebi) on Thursday issued a discover of demand of Rs 2 crore to Ravi Narain, former chief government officer (CEO) of the National Stock Exchange (NSE), within the matter of governance problems with the alternate. “A sum of Rs 2,06,01,000/- (Rupees Two Crore Six Lakh One Thousand) along with further interest, all costs, charges and expenses incurred in respect of all the proceedings taken for recovery of the said sum is due to Sebi from you (Narain),” Sebi stated on Thursday.
The regulator has requested the previous NSE chief to pay the quantity inside 15 days of the receipt of the discover. In the case of non-payment of the dues, Sebi stated it should get better the quantity by attaching and promoting Narain’s movable/immovable property, attaching financial institution accounts, arrest and detention in jail, and appointing a receiver for the administration of Narain’s movable and immovable properties.
The discover to Narain comes following a number of developments within the NSE case, together with the arrest of former NSE CEO Chitra Ramkrishna, and former NSE group working officer Anand Subramanian, within the final couple of months. On February 11 this 12 months, the market regulator had imposed penalties of Rs 3 crore on Ramkrishna, Rs 2 crore on Narain and one other Rs 2 crore penalty every on NSE and Anand Subramanian — primarily for governance points over appointment of chief strategic officer in 2013 and leaking of delicate data associated to the exchanges to an “unknown person”.
Sebi in its discover on Thursday additional said that Narain no extra stays competent to mortgage, cost, lease or in any other case cope with any property belonging to him, besides with the permission of the restoration officer, and any such switch can be deemed void underneath the principles of the regulator.
Source: www.financialexpress.com”