SEBI sent notice to former NSE officer, will recover 2 crores, know what is the matter?

SEBI Notice: SEBI has sent a notice to Anand Subramanian, former group operating officer of NSE. A notice has been sent regarding a matter related to working lapses in the stock exchange. Under this notice, Subramanian has been asked to pay Rs 2.05 crore.

Payment to be made within 15 days
The Securities and Exchange Board of India (SEBI) has said in this notice that in case of failure to make payment within 15 days, the assets of Subramanian as well as bank accounts will be forfeited and attached.

failed to pay the fine
Let us tell you that SEBI has sent this notice after Subramanian has failed to compensate the fine imposed on him. In an order passed on February 11, SEBI had imposed a fine of Rs 2 crore on Subramanian for malpractices during his tenure at NSE.

allegations of wrongdoing
Sebi has accused former NSE chiefs Chitra Ramakrishna and Ravi Narayan, besides some others, of malpractices in the appointment of Subramanian as chief strategic advisor and then as group operating officer.

Also accused of sharing confidential information
Apart from this, Chitra was also accused of sharing confidential company information with an ‘unknown person’. SEBI had imposed a fine of Rs 3 crore on Chitra and Rs 2 crore on Narayan.

Was MD & CEO of NSE till 2013
Let us tell you that Narayan was the MD and CEO of National Stock Exchange (NSE) from April 1994 to March 2013. He was also the Vice Chairman in the non-executive category on the Board of NSE from April 2013 to June 2017. At the same time, Chitra Ramakrishna was the head of NSE from April 2013 to December 2016.

2.05 crore to be paid
SEBI, in its fresh notice, directed Subramanian to pay Rs 2.05 crore, including interest and recovery cost, within 15 days.

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