Ex-NSE CEO Narain gets interim relief by SAT in co-location case

Former NSE chief executive Ravi Narain was Tuesday granted interim relief by the Securities Appellate Tribunal (SAT) in the co-location case order by Sebi.

Granting the interim relief in the form of a stay, a division bench of SAT including presiding officer Justice Tarun Agarwala, member CKG Nair and judicial member Justice MT Joshi adjourned the case to July 22.

The capital markets regulator had earlier this month barred Narain and other NSE executives including former managing director Chitra Ramkrishna and others for their role in the co-location case.

In its order, Sebi had said, "Having held the senior-most management position in the NSE and overseeing the affairs of the conduct of the stock exchange business, they cannot limit their roles to the non-technology issues of the exchange."