Mumbai: Finance Minister Nirmala sitharaman Said on Tuesday that the government is investigating the flaws in the governance National Stock Exchange (NSE) but declined to comment on whether adequate corrective steps had been taken in terms of action against those responsible for the lapses.
Earlier this month, market watchdog Sebi had booked the NSE and its former MDs and CEOs, Chitra Ramakrishna and Ravi Narayan, and others in a matter related to the appointment of Anand Subramaniam as group operating officer and advisor to the then MD Ramakrishna, in various cases. punished for the violations.
The regulator also imposed a fine of Rs 3 crore on Ramakrishna, Rs 2 crore each on NSE, Narayan and Subramaniam and Rs 6 lakh on VR Narasimhan, who was then the chief regulatory officer and chief compliance officer.
Sitharaman told reporters here on Tuesday that the government was probing the administrative lapses in the exchange.
“I have no comment to comment on whether adequate corrective measures were taken in the sense of punishing or anything was done against those responsible for it.
Sitharaman said, “I don’t have any idea this way or that until I really get to the bottom of what’s available to me. I’m looking into it, but I can’t comment on it at the moment.” I’ll get it.”
She was answering questions, including whether the fine imposed was sufficient.
Ramakrishna was the MD and CEO of NSE from April 2013 to December 2016, Narayan was the MD and CEO of the exchange from April 1994 to March 2013. Thereafter, he was appointed as the Vice-Chairman in the Non-Executive Category on the Board of NSE. It remained so till April 2013 and June 2017.
As per the SEBI order, Ramakrishna was appointed by a yogi living in the Himalayan ranges to Subramaniam as the group operating officer and advisor to the MD of the exchange.
According to Ramakrishna the unknown person or yogi was a “spiritual force that could manifest anywhere at will and had no physical or local coordination and lived largely within the range of the Himalayas”.
SEBI had also noted that the matter in the name of confidentiality and sensitive was not recorded in the minutes of the board meeting, despite being aware of irregularities in the appointment of Subramaniam, NSE and other officials including former MD and CEO Ravi Narayan. Information.
Sebi had also restrained NSE from launching any new product for six months while passing a 190-page order in this regard.
Earlier this month, market watchdog Sebi had booked the NSE and its former MDs and CEOs, Chitra Ramakrishna and Ravi Narayan, and others in a matter related to the appointment of Anand Subramaniam as group operating officer and advisor to the then MD Ramakrishna, in various cases. punished for the violations.
The regulator also imposed a fine of Rs 3 crore on Ramakrishna, Rs 2 crore each on NSE, Narayan and Subramaniam and Rs 6 lakh on VR Narasimhan, who was then the chief regulatory officer and chief compliance officer.
Sitharaman told reporters here on Tuesday that the government was probing the administrative lapses in the exchange.
“I have no comment to comment on whether adequate corrective measures were taken in the sense of punishing or anything was done against those responsible for it.
Sitharaman said, “I don’t have any idea this way or that until I really get to the bottom of what’s available to me. I’m looking into it, but I can’t comment on it at the moment.” I’ll get it.”
She was answering questions, including whether the fine imposed was sufficient.
Ramakrishna was the MD and CEO of NSE from April 2013 to December 2016, Narayan was the MD and CEO of the exchange from April 1994 to March 2013. Thereafter, he was appointed as the Vice-Chairman in the Non-Executive Category on the Board of NSE. It remained so till April 2013 and June 2017.
As per the SEBI order, Ramakrishna was appointed by a yogi living in the Himalayan ranges to Subramaniam as the group operating officer and advisor to the MD of the exchange.
According to Ramakrishna the unknown person or yogi was a “spiritual force that could manifest anywhere at will and had no physical or local coordination and lived largely within the range of the Himalayas”.
SEBI had also noted that the matter in the name of confidentiality and sensitive was not recorded in the minutes of the board meeting, despite being aware of irregularities in the appointment of Subramaniam, NSE and other officials including former MD and CEO Ravi Narayan. Information.
Sebi had also restrained NSE from launching any new product for six months while passing a 190-page order in this regard.
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