NSE says has made several changes at board and management level

Days after markets regulator Sebi passed an order against NSE and its former officials, the exchange on Wednesday said there have been several changes at the board and management level at the bourse over the last few years.

The exchange said it is committed to the highest standards of governance and transparency and will extend full co-operation to the regulator for a satisfactory closure of the matter, according to a press release.

The regulator had on Friday penalised NSE and its former MDs and CEOs -- Chitra Ramkrishna and Ravi Narain -- and others in a matter of governance lapses in the appointment of Anand Subramanian as chief strategic advisor and his re-designation as group operating officer and advisor to MD.

In addition, Sebi barred the National Stock Exchange of India (NSE) from launching any new product for a period of six months.

"The said order relates to certain issues at NSE during the period 2013-2016 and are therefore almost 6-9 years old. In this regard, over the last few years there have been several changes at the board and management level at NSE," the exchange said on Wednesday.

Sebi has also instituted various changes in the governance structure of market infrastructure institutions (MIIs) including board committee structures and oversight, tenor of management, accountability for lapses at MIIs etc, which have strengthened the control environment of the institutions.

The markets regulator has been closely monitoring and supervising the operations of NSE and other MIIs, the exchange said.

NSE said it has operationalised the directives of Sebi on various matters over the years and has taken various measures to further strengthen the control environment, including the technology architecture.