SEBI Notice: 2 crore recovery notice to former NSE officer

SEBI Notice to Anand Subramanian: A notice has been sent by SEBI to Anand Subramanian, former Group Operating Officer of NSE. This notice has been sent in the matter related to working lapses in the stock exchange. In the notice, Anand Subramanian has been asked to pay Rs 2.05 crore.

Warning of confiscation and attachment of accounts

In the notice sent by SEBI, it has been said that in case of failure to make payment within 15 days, the bank accounts along with the assets of Subramanian will be forfeited and attached. SEBI has sent this notice after Subramanian has failed to compensate the fine imposed on him.

Penalty imposed for irregularities in tenure

In an order passed by SEBI on February 11, Subramanian was fined for the lapses at the time of NSE. Sebi has accused former NSE chiefs Chitra Ramakrishna and Ravi Narayan, besides some others, of malpractices in appointing Subramanian as chief strategic advisor and then making the group operating officer.

Alleged sharing of confidential information

Apart from this, Chitra was also accused of sharing confidential company information with an ‘unknown person’. SEBI had imposed a fine of Rs 3 crore on Chitra and Rs 2 crore on Narayan. Narayan was the MD and CEO of NSE from April 1994 to March 2013.

He was also the Vice Chairman in the non-executive category on the Board of NSE from April 2013 to June 2017. Chitra Ramakrishna was the head of NSE from April 2013 to December 2016. SEBI, in its fresh notice, directed Subramanian to pay Rs 2.05 crore, including interest and recovery cost, within 15 days.