SEBI fines NSE, Ramakrishna, Narayan in top appointment case

Capital markets regulator SEBI has imposed fines on NSE and its former managing directors and chief executive officers Chitra Ramakrishna and Ravi Narayan and others. The penalty has been imposed for breach of securities contract rules in the appointment of Anand Subramanian as Group Operating Officer and Advisor to the Managing Director (MD).

The Securities and Exchange Board of India (SEBI) imposed a fine of Rs 3 crore on Ramakrishna, Rs 2 crore each on National Stock Exchange (NSE), Narayan and Subramanian and Rs 6 lakh on V R Narasimhan. Along with this, the regulator barred NSE from introducing any new product for six months.

In addition, Ramakrishna and Subramanian have been barred from associating with any market infrastructure institution or any intermediary registered with SEBI for a period of three years. Whereas for Narayan this restriction is for two years.

Besides this, SEBI also directed NSE to forfeit the deferred bonus of Rs 1.54 crore and Rs 2.83 crore paid in lieu of additional leave to Ramakrishna.

The regulator’s move comes in the wake of violation of securities contract norms in the appointment of Anand Subramanian as the group’s operating officer and advisor to the managing director (MD).