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

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 stepped down from the board of Escorts and PI Industries, where he served as an independent director.