CBI questions former NSE CEO Ravi Narain in co-location case

File Picture: Ravi Narain_NSE

The Central Bureau of Investigation (CBI) has questioned former National Stock Exchange CEO Ravi Narain in connection with its ongoing probe related to the alleged abuse of co-location facility by an NSE stock broker.

Narain - who appeared before the CBI investigators in Delhi on February 19, may be called again for further questioning. On February 18, the agency had questioned former MD-CEO of NSE Chitra Ramkrishna in connection with the case.

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CIB has also issued look out circulars against Ramkrishna, Narain and former COO Anand Subramanian to prevent them from leaving the country. The central probe agency had booked stock broker Sanjay Gupta, owner and promoter of Delhi based OPG Securities Pvt. Ltd, in 2018 for allegedly making gains by getting early access to the stock market trading system.

The agency was also probing unidentified officials of Securities and Exchange Board of India (SEBI) and National Stock Exchange (NSE), Mumbai and other unknown persons.

Narain was the MD and CEO of the exchange from April 1994 till March 2013. He was then appointed as vice-chairman in the non-executive category on the NSE's board from April 2013 and remained so till June 2017.

Under the colocation facility, the NSE allowed brokers to place their servers in the data centre of NSE for a charge, enabling them to have faster access to the price feed distributed by the stock exchange.

With inputs from PTI