IPA Newspack
  • Home
  • now
  • politics
  • business
  • markets

IPA /

Markets

Markets

CBI questions ex-NSE CEO Ravi Narain

The CBI has questioned former Nation Stock Exchange CEO Ravi Narain in connection with its ongoing probe related to the alleged abuse of colocation facility by an NSE stock broker, officials said Sunday.

The CBI investigators lobbed several sharp questions while recording Narain’s statement on the colocation facility and working of the stock exchange, they said.
Narain, who appeared before the CBI investigators in Delhi on Saturday, may be called again for further questioning, they said.

On Friday, the agency had questioned former MD-CEO of NSE Chitra Ramkrishna in connection with the case.

The agency has also issued look out circulars against Ramkrishna, Narain and former COO Anand Subramanian to prevent them from leaving the country.
The central probe agency had booked stock broker Sanjay Gupta, owner and promoter of Delhi based OPG Securities Pvt. Ltd, in 2018 for allegedly making gains by getting early access to the stock market trading system, they said.

The agency was also probing unidentified officials of Securities and Exchange Board of India (SEBI) and National Stock Exchange (NSE), Mumbai and other unknown persons.

“It was alleged that the owner and promoter of said private company abused the server architecture of NSE in conspiracy with unknown officials of NSE. It was also alleged that unknown officials of NSE, Mumbai had provided unfair access to said company using the co-location facility during the period 2010-2012 that enabled it to login first to the exchange server of Stock Exchange that helped to get the data before any other broker in the market,” the CBI has alleged in the FIR. 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.

Under the colocation facility, the NSE allowed brokers to place their servers in the data centre of NSE for a charge, enabling them to have faster access to the price feed distributed by the stock exchange.

Ramkrishna hit the headlines after Sebi on February 11 said she was steered by a yogi, dwelling in the Himalayan ranges, in the appointment of Anand Subramanian as the exchange’s group operating officer and advisor to the managing director (MD).

The Securities and Exchange Board of India charged Ramkrishna and others with alleged governance lapses in the appointment of Subramanian as the chief strategic advisor and his re-designation as group operating officer and advisor to MD.

Sebi levied a fine of Rs 3 crore on Ramkrishna, Rs 2 crore each on the National Stock Exchange (NSE), Subramanian, former NSE MD and CEO Ravi Narain, and Rs 6 lakh on V R Narasimhan, who was the chief regulatory officer and compliance officer.

via India Infoline

Politics

Kejriwal fined for persisting with Modi’s degree charge

April 1, 2023
Politics

TMC vs BJP over Ram Navami violence in Howrah

April 1, 2023
Politics

Puducherry Assembly passes motion seeking statehood

April 1, 2023
Happening Now

Sidhu to be out today after 10 months in jail

April 1, 2023
Politics

Court says Sisodia ‘architect of whole criminal conspiracy’

April 1, 2023
IPA Special

World Is Keenly Watching What Narendra Modi Is Doing In ‘Mother Of Democracy’

March 31, 2023
IPA Special

Global South Is Looking To India To Find Ways To Deal With Debt Crisis

March 31, 2023
IPA Special

Relief For Kerala Chief Minister In CMRDF Case

March 31, 2023
IPA Special

Latest Collapse Of US And European Banks Is A Part Of Continuing Crisis Of Capitalism

March 31, 2023
IPA Special

Congress To Hold Nationwide Protests Against Rahul’s Disqualification

March 31, 2023
IPA Special

High Food And Energy Costs Are Taking A Toll, May Worsen

March 31, 2023
IPA Special

Karnataka Polls Will Help Both Congress And BJP To Assess Their Strength Before 2024

March 31, 2023
IPA Special

Bernie Sanders’s Interrogation Of Former Starbucks CEO Is A Good Beginning

March 31, 2023
Happening Now

Ram Navami clashes in Bengal, Maharashtra, Karnataka, Gujarat

March 31, 2023
Politics

Kharge: Rahul disqualification darkest day in Indian democracy

March 31, 2023
Happening Now

8 held over posters against PM in Ahmedabad

March 31, 2023
Politics

Another JD-S leader joins Cong, third in a month

March 31, 2023
Politics

Ajit Pawar slams Shinde govt over SC hate speech remark

March 31, 2023
IPA Special

There Are Ten Valid Reasons To Appeal Against Rahul Gandhi’s Conviction

March 30, 2023
IPA Special

Karnataka Assembly Poll Is A Big Test For Both The Congress And The BJP

March 30, 2023

An appeal

The legacy of IPA, founded by Nikhil Chakravartty, the doyen of journalism in India, to keep the flag of independent media flying high, is facing the threat of extinction due to the effect of the Covid pandemic. Only an emergency funding can avert such an eventuality. We appeal to all those who believe in the freedom of expression to contribute to this noble cause.
Click here to learn more

Share

Reply

  • 0
More on IPA

India’s import bill for edible oil likely to jump by $2 billion

April 8, 2022 9:34 am | IPA Staff

India’s import bill for edible oils is slated to jump by $2 billion, following the sharp rise in prices after Russian attack on Ukraine. Supply...

Markets

Russia offers India oil at $30-35 a barrel

April 1, 2022 10:54 am | IPA Staff

Sanctions-hit Russia is offering hefty discounts to India for direct oil purchases, which will make it attractive for New Delhi to get into contracts with...

Markets

Govt may dip into strategic oil reserves to calm prices

March 29, 2022 11:49 am | IPA Staff

The government is committed to supporting initiatives for releases from the Strategic Petroleum Reserves for mitigating market volatility and calming the rise in global crude...

Markets

Bulk diesel price rise wrecks state transport corporations

March 22, 2022 10:58 am | IPA Staff

Road transport corporations (RTCs), which are run by state governments, are staring at big losses and an undermining of their operational viability owing to last...

Markets

India’s import bill for edible oil likely to jump by $2 billion

in Markets
Apr 8, 2022   ·  

Russia offers India oil at $30-35 a barrel

in Markets
Apr 1, 2022   ·  

Govt may dip into strategic oil reserves to calm prices

in Markets
Mar 29, 2022   ·  
Follow us on
Up Next: Russia expands military drills near Ukraine
©2020 -2021 India Press Agency, All Rights Reserved.
Newspack by India Press Agency | Statement of Ownership | Contact Us
logo
  • Home
  • now
  • politics
  • business
  • markets