
NEW DELHI: Market regulator Securities and Exchange Board of India (Sebi) on Thursday sent a notice to Rabi Narain, ex-CEO of National Stock Exchange (NSE) to recover Rs 2.06 crore, which includes interest on the penalty.
This penalty was imposed on him in February 2022.
“You are hereby directed to pay the total amount as mentioned within 15 days of the receipt of this notice failing which the Recovery Officer shall proceed to recover the amount due in accordance with the provisions of section 28A of the Sebi Act,” read the notice.
In the event of non-payment Sebi said it will recover the money by either attaching and selling moveable and immovable properties, attaching bank accounts and even arrest him.
The fines were imposed on him in the co-location case. This is the same case in which Chitra Ramkrishna has been implicated and now under investigation by various federal agencies.
Narain was the managing director (MD) and chief executive officer (CEO) of NSE before handing over the charge to Ramkrishna. He then became shareholder director and vice-chairman of NSE before resigning in June 2017.
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