SEBI fines NSE and its officers in appointment case

Tags: Economics/Business

Securities Exchange Board of India (SEBI) has fined National Stock Exchange (NSE) and its former Managing Director (MD) and Chief Executive Officer (CEO), Chitra Ramkrishna and Ravi Narain, and others for violating securities contract rules in a case related to the appointment of Anand Subramanian as group operating officer and advisor to MD. 

• The regulator has levied a fine of ₹3 crore on Ramkrishna, ₹2 crore each on the NSE, Narain and Subramanian and ₹6 lakh on V R Narasimhan, who was the chief regulatory officer and chief compliance officer.

•  SEBI  has banned the NSE from launching any new product for a period of six months.

• 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. 

Main Functions of SEBI:

• It is the regulator of the Capital markets in India. Stock exchanges like NSE,BSE are part of capital markets in India . 

• It functions to protect the interest of investor in the capital markets

• It works to develop the securities market in India 

Current Chairman : Ajay Tyagi 

Its headquarters : Mumbai