Capital markets regulator, Sebi, on Tuesday issued a memorandum to former NSE Group chief operating officer, Anand Subramanian, demanding Rs 2.05 crore in a case of stock exchange administration mismanagement and warning seizure and confiscation of assets and bank accounts, if he fails to make payment. within 15 days. The announcement came after Subramanian failed to pay a fine imposed on him by the Securities and Exchange Board of India (Sebi).
Subramanian was fined Rs 2 crore by an order dated February 11 by the regulator for mismanagement in the stock market. Sebi accused former NSE chiefs Chitra Ramkrishna and Ravi Narain and others of alleged mismanagement of Subramanian's appointment as chief strategic adviser and his reappointment as group chief operating officer and adviser. of Ramakrishna’s physician at the time.
Ramkrishna was also accused of leaking confidential company information to an "unidentified person". The regulator fined Ramkrishna 3 crores and Narain 2 crores. Narain served as Managing Director and Chief Executive Officer of the National Stock Exchange (NSE) from April 1994 to March 2013. He was appointed Non-Executive Vice Chairman of the Board of NSE from April 2013 and the remained until June 2017. Ramkrishna served as Managing Director and CEO of NSE from April 2013 to December 2016. In its new notice, Sebi demanded Subramanian to pay Rs. 2.05 crore including interest and repayment charges within 15 days. In case of non-payment of fees, the market regulator reimburses the amount by confiscating and selling its movable and immovable property. He is also threatened with confiscation of his bank accounts and arrest.
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