NSE co-location scam: SEBI has sent a recovery notice of Rs 2 crore to a former NSE official
New Delhi:
Capital markets regulator Securities and Exchange Board of India (SEBI) on Tuesday sent a notice to Anand Subramaniam, former group operating officer of the National Stock Exchange (NSE), asking him to pay Rs 2.05 crore in a case related to governance defaults in stocks. Was said. Warned of arrest and attachment of property as well as bank accounts for failure to pay within 15 days.
The notice came after Mr Subramaniam failed to pay the penalty imposed by SEBI.
The regulator, through an order passed on February 11, imposed a fine of Rs 2 crore on Mr Subramaniam in respect of governance issues in the exchange.
SEBI accused former NSE chiefs, Chitra Ramakrishna and Ravi Narayan, and others of appointing Subramaniam as chief strategic advisor and his re-designation as group operating officer and advisor to then managing director Ms. Ramakrishna.
In addition, Ms Ramakrishna was accused of sharing company confidential information with an “unknown person”.
The regulator imposed a fine of Rs 3 crore on Ms. Ramakrishna and Rs. 2 crore on Mr. Narayan.
Shree Narayan was the Managing Director and CEO of NSE from April 1994 to March 2013. He was appointed as the Vice-Chairman in the non-executive category on the Board of NSE from April 2013 and remained so till June 2017. Ms. Ramakrishna was the MD and CEO. NSE from April 2013 to December 2016.
In its fresh notice, SEBI directed Mr Subramaniam to pay Rs 2.05 crore, including interest and recovery cost, within 15 days.
In case of non-payment of dues, the market regulator will recover the amount by attachment and sale of his movable and immovable assets. In addition, he also faces the attachment and arrest of his bank accounts.
A similar demand notice was sent to Shree Narayan last week.