The Securities Appellate Tribunal (SAT) has set aside the SEBI Whole Time Member orders issued on April 30, 2019 directing Narain to disgorge 25 per cent of his salary drawn from financial year 2010-11 to 2012-13 to the Investor Protection and Education Fund (IPEF).
Narain, arrested a few days before the chargesheet was filed, had allegedly conspired with iSec in the tapping case from the beginning
According to reports, Narain was placed under arrest after he “failed to cooperate in the on-going investigations".
Ravi Narain, along with his successor Chitra Ramakrishna, was booked by the Enforcement Directorate under the Prevention of Money Laundering Act.
Searches are underway at the premises of ex-police commissioner Sanjay Pandey at multiple locations across India.
The SAT further said that the amount deposited will be kept in an interest-bearing account by SEBI, which would be subject to the result of the appeal.
Narain - who appeared before the CBI investigators in Delhi on February 19, may be called again for further questioning
In the Sebi order dated February 11, 2022, it has listed people involved in the Ramakrishna-yogi saga. Here’s a quick guide who they are
The former MD seemed well connected and savvy, and not an easy mark as the exchange's investigation would have us believe.
From the SEBI order it is clear that everyone--the Board, the shareholders, the executive team members--at NSE was sleeping at the wheel.
The market regulator has levied a fine of Rs 3 crore on Ramkrishna, Rs 2 crore each on the NSE, Narain and Subramanian and Rs 6 lakh on V R Narasimhan, who was the chief regulatory officer and chief compliance officer.
Securities and Exchange Board of India has imposed a penalty of ₹1 crore on the National Stock Exchange (NSE) and former senior officials. Below is an attempt to decode the ruling by the capital markets regulator.
SEBI said that NSE flouted the principles underlying the conduct of business of a stock exchange, pertaining to fair and equitable access to information.
In some instances, SEBI seems to have inflicted self-goals, passed creative directions and it is unlikely that they will stand up to the test of legal scrutiny.
The role of some top officials including Narain, who is also an ex-CEO of the bourse, is also being looked into by markets regulator Sebi.
Ravi Varanasi, Chief of Business Development at National Stock Exchange has thrown his hat in the fray for the top job in his organization, sources told Moneycontrol. Varanasi has been with the exchange for nearly 22 years and is said to be close to Ravi Narain, who served as Managing Director & CEO between 2001 and 2013.
National Stock Exchange is set to have a new chief tomorrow, when Chitra Ramkrishna will take over as Managing Director and CEO and join the select league of women leaders at the helm of affairs of leading stock exchanges of the world.
National Stock Exchange has tied up with Punjabi University to start a five-year MBA course in financial markets.