Chitra Ramkrishna, former managing director and chief executive officer of the National Stock Exchange (NSE) has moved the Securities Appellate Tribunal (SAT) against orders passed by Securities and Exchange Board of India (Sebi) in the co-location case. The tribunal is likely to take up the matter on Thursday.
Sebi had directed Ramkrishna to disgorge a fourth of her salary for FY2013-14 and also barred her from associating with any listed company or market intermediary for a period of five years. Ramkrishna was at the helm of NSE when its co-location trading systems were allegedly misused by certain brokers to gain unfair access.
Sebi had also passed similar directives against Ramkrishna’s predecessor Ravi Narain. Narain has already moved SAT and obtained partial relief against the Sebi order. Most other entities, including NSE and its current staffers, against whom Sebi had passed directives, have also moved SAT and obtained partial relief.