NSE co-location case: Sebi issues recovery notice of over Rs 2 crore to Ravi Narain

IPOs: SEBI simplifies payment of processing fees via UPI

In the event of non-payment of dues, Sebi said it will recover the money by attachment and sale of movable property, attachment of bank accounts, attachment and sale of your immovable property, arrest & detention in prison, and appointing a receiver for the management of your movable and immovable properties.

Further, upon service of this notice, Narain is no more competent to mortgage, charge, lease or otherwise deal with any property belonging to you except with the permission of the Recovery Officer and any such transfer shall be deemed void as per rule 16 of the Second Schedule to the Income-tax Act, 1961 read with section 28A of the SEBI Act.

The regulator had levied a fine of Rs 3 crore on Chitra Ramkrishna, Rs 2 crore each on the NSE and Anand Subramanian, and Rs 6 lakh on VR Narasimhan, who was the chief regulatory officer and chief compliance officer.

Also Read: Sebi issues operational guidelines for covenant monitoring with DLT

Ramkrishna was MD and CEO of NSE from April 2013 to December 2016, and 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.