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

Narain has stepped down from the board of Escorts and PI Industries

NSE Vice-Chairman Ravi Narain, NSE, Ravi Narain
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Former NSE CEO Ravi Narain

BS Reporter Mumbai
The Securities Appellate Tribunal (SAT) on Tuesday granted interim relief to Ravi Narain, former MD & CEO of the National Stock Exchange (NSE), by staying an order passed by the Securities and Exchange Board of India (Sebi) in the co-location case. 

On April 30, the markets regulator barred Narain from associating with a listed company or any other market intermediary for a period of five years for his alleged role in the co-lo case.

Last week, Narain had moved SAT against the Sebi order. The tribunal is likely to hear the matter next in July. Following the Sebi order, Narain