Following the order from market regulator SEBI in the NSE algo scam, Ravi Narain, former managing director and chief executive (CEO) and later vice chairman of the Exchange, has resigned from the board of directors of two listed companies: automaker Escorts Ltd and agro-chemical company PI Industries Ltd.
In their regulatory filings, both Escorts and PI Industries said that Mr Narain, independent director has resigned from their board.
Mr Narain was appointed as director on the Escorts board on 12 September 2018. He became a director of PI Industries on 9 September 2016, even while he was a director of NSE.
Mr Narain is also director of NSDL E-governance Infrastructure Ltd since 8 September 2016, as per data from the ministry of corporate affairs (MCA).
Interestingly at NSDL E-governance, Mr Narain is part of every committee of the board, including audit committee, nominations and remuneration committee, corporate social responsibility committee and risk management committee.
Chitra Ramakrishna, former MD and CEO of NSE, who is also barred from holding any position at a market intermediary, or market infrastructure institution, is a director of Maveric Systems Ltd.