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Ex-NSE CEO Ravi Narain gets Sebi Notice of Demand of Rs 2 crores

The Sebi notice comes months after Narain was questioned by the Central Bureau of Investigation in February. His examination was done by a team of CBI consisting of officers from AC I unit which has been probing Co-Location Algo scam since May 2018. He had the longest tenure at the NSE.

ET Now Digital

Updated Apr 21, 2022, 18:17 IST

New Delhi: Market regulator Securities and Exchange Board of India (Sebi) on Thursday issued a Notice of Demand of Rs 2 crores to the former CEO of National Stock Exchange (NSE), Ravi Narain, in the matter of governance issues of NSE.

Sebi said that a sum of Rs 2,06,01,000/- (Rupees Two Crore Six Lakh One Thousand) along with further interest, all costs, charges and expenses incurred in respect of all the proceedings taken for recovery of the said sum is due from Narain.

Sebi has directed the ex-NSE CEO to pay the total amount within 15 days of the receipt of the Notice. In case of non-failure of payment, Sebi stated that it shall recover the money by one or more of the following modes:

(a) attachment and sale of your movable property;

(b) attachment of your bank accounts;

(d) arrest and detention in prison;

(e) appointing a receiver for the management of your movable and immovable properties.

Upon service of this notice, Naraian is no more competent to mortgage, charge, lease or otherwise deal with any property belonging to you except with the permission of the Recovery Officer and any such transfer shall be deemed void as per rule 16 of the Second Schedule to the Income-tax Act, 1961 read with section 28A of the SEBI Act.

Narain questioned by CBI

Narain was managing director and the CEO of the National Stock Exchange from April 1994 till March 2013. He had the longest tenure at the bourse. Thereafter he was appointed as vice chairman in non executive category at NSE from 1st April 2013 till 1st June 2017 after which he resigned.

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