Sebi issues demand notice against Ex-NSE CEO Ravi Narain

The Securities and Exchange Board of India (Sebi) on Thursday issued a demand notice of Rs 2.06 crore against former NSE MD & CEO Ravi Narain. 

On February 11, the market regulator had imposed a penalty of Rs 2 crore on Narain for lapses in governance practices at NSE. He was asked to pay the amount within 45 days. Narain has been directed to pay the amount within 15 days failing which Sebi will initiate recovery action. 

“In an event of non-payment of the dues, Sebi shall recover the money by one or more of the following modes: attachment and sale of your movable property; attachment of your bank accounts; attachment of attachment and sale of your immovable property; arrest and detention in prison; and appointing a receiver for the management of your movable and immovable properties,” Sebi said in a notice.

In the same matter, SEBI imposed a penalty of Rs 3 crore on Narain's successor Chitra Ramkrishna in the key appointment as well as for sharing confidential information of the company with an unidentified person.

Narain was the MD and CEO of the National Stock Exchange (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. Ramkrishna was MD and CEO of NSE from April 2013 to December 2016.