High frequency trading: Ravi Narain steps down from NSE board

Move was taken to ensure Sebi's probe in the exchange's unfair trade access case wan't affected

National Stock Exchange (NSE) Vice-Chairman Ravi Narain has relinquished his office and also stepped down from the board of the exchange, with the market regulator, the Securities and Exchange Board of India (Sebi), intensifying its probe into the “unfair access” controversy at the exchange.

Narain tendered his resignation to NSE Chairman Ashok Chawla late on Thursday to ensure Sebi’s probe “wasn’t affected by his presence on the board”, said people in the know of the development.

The move comes about a week after Sebi issued show-cause notices to the NSE and its 14 officials, including Narain, seeking explanation on the