The Securities and Exchange Board of India (Sebi) has fined the National Stock Exchange (NSE), and its former CEOs Chitra Ramkrishna and Ravi Narain, for governance failures in the hiring of Anand Subramanian as chief operational officer (COO).
According to reports, Ramkrishna has been ordered to pay Rs 2 crore within 45 days, while NSE, Narain, and Subramanian have each been ordered to pay Rs 2 crore. NSE has also been prohibited from launching any new product for the next six months.
Ramkrishna and Subramanian have been barred from associating in any capacity with any market infrastructure institution or Sebi-registered intermediary for three years, while Narain has been barred for two years. Ramkrishna's excess leave encashment of Rs. 1.54 crore and delayed bonus of Rs. 2.83 crore have also been ordered forfeited by NSE.
During Sebi's inquiry into another incident involving failures at NSE's colocation facilities, it was discovered that Subramanian had been sharing internal NSE confidential information with an unknown person on a regular basis.
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