INSUBCONTINENT EXCLUSIVE:
Board of India (SEBI) has penalised the National Stock Exchange (NSE) and its former CEOs Chitra Ramkrishna and Ravi Narain, as well as two
other officials for lapses in hiring at senior level.In addition to this, the market regulator has also barred NSE from launching any new
product for a period of six months.The market regulator found that the NSE and its top officials violated securities contract rules related
to the appointment of Anand Subramanian as group operating officer and adviser to the managing director.SEBI has levied a fine of Rs 3 crore
on Chitra Ramkrishna, Rs 2 crore each on the NSE, Mr Narain and Mr Subramanian
Narasimhan, who was the chief regulatory officer and chief compliance officer of the NSE at the time of the violation of norms, has been
directed to pay Rs 6 lakh.In the order, SEBI noted that Anand Subramanian was appointed without following due procedure and he was given
unequal pay of more than Rs
4 crore per annum higher than most of the seniors at NSE."Noticee no.6 (Anand Subramanian) was also an accomplice with the unknown person
who influenced the decision of Noticee no.1 (Chitra Ramkrishna) and thereby benefitting himself by being re-designated as 'group operating
1," SEBI said in the order.
