Ravi Narain: Architect of NSE's success caught in an awkward spot

Narain has stepped down to allow a fair probe by Sebi

After having been an architect of the success of the National Stock Exchange (NSE), the country’s largest bourse and second-biggest globally in terms of derivatives volumes, Ravi Narain’s resignation on Thursday as vice-chairman of the NSE went against the spirit with which he had helped the organisation to grow from scratch.

Narain has stepped down to allow a fair probe by the Securities and Exchange Board of India (Sebi) into the preferential access controversy. Although the resignation came voluntarily, it would have been the least preferred circumstance Narain, 61, would have imagined.

After giving up the post of managing director (MD) and