The Securities and Exchange Board of India (SEBI), capital market regulator, has restrained former Managing Directors & CEOs of the NSE, Chitra Ramkrishna and Ravi Narain from associating with any market infrastructure institution (MII) or any intermediary registered with SEBI for a period of three years and two years respectively for violating securities contract rules in a case related to the appointment of Anand Subramanian as group operating officer and advisor to MD.

Additionally, the National Stock Exchange has also been barred from launching any new product for six months, Ananta Barua, Whole Time Member, SEBI, said in an exhaustive 190-page late night order.

₹3 cr fine on Ramkrishna

SEBI has also levied a fine of ₹3 crore on Ramkrishna, ₹2 crore each on the NSE, Narain and Subramanian while ₹6 lakh was imposed on VR Narasimhan, who was the chief regulatory officer and chief compliance officer.

Also, SEBI has directed the NSE to forfeit the excess leave encashment of Rs 1.54 crore and the deferred bonus of ₹2.83 crore, of Ramkrishna, which was retained by the exchange and deposit the same to its Investor Protection Fund Trust within six days.

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Anand Subramanian has also been barred to associate with any MII for three years.

Ramkrishna was MD and CEO of NSE from April 2013 to December 2016, Narain was the MD and CEO of the exchange from April 1994 till March 2013. Thereafter, he was appointed as vice-chairman in the non-executive category on the NSE's board from April 2013 and remained so till June 2017.

The noticees are directed to pay their respective penalties within a period of 45 days, said SEBI.

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