SAT gives 4 weeks to former NSE CEO Ramkrishna to deposit Rs 2 crore

New Delhi: The Securities Appellate Tribunal has given four more weeks to former NSE CEO Chitra Ramkrishna for depositing the Rs 2 crore in a case pertaining to lapses at the exchange.

"The period to deposit the money by our order dated 11th April 2022 is extended for a further period of four weeks," the appellate body said in an order dated May 31.

In a previous order, the SAT admitted a plea filed by Ramkrishna and directed her to furnish Rs 2 crore within six weeks. It said the balance amount will not be recovered if such an amount is furnished beforehand. Additionally, the SAT also asked the National Stock Exchange to deposit over Rs 4 crore in leave enchantment and the deferred bonus of Ramkrishna in an escrow account against Sebi’s order to deposit the amount in the Investor Protection Fund Trust.

Ramrkishna’s lawyers urged that the impugned order should be stayed during the pendency of the appeal while SAT had said all these questions will be considered at the time of the appeal.

The NSE co-location scam accused approached the SAT after market regulator Sebi in an order dated February 11 imposed a penalty of Rs 3 crore on her for governance lapses in the appointment of Group Operating Officer Anand Subramanian.

The regulator also asked NSE to forfeit leave enchantment and differed bonus of Rs 2.83 crore of Ramrkishna and deposit the same in the Investor Protection Fund Trust.