Ravi Narain resigns from NSE Board
Moneylife Digital Team 02 June 2017
Ravi Narain, Vice Chairman and former Managing Director & chief executive (CEO) of the National Stock Exchanges has resigned from the Exchange Board. Mr Narain, one of the founding members of NSE, had sent his resignation to NSE Chairman Ashok Chawla last night, say sources. This follows a show cause notice issued by market regulator Securities and Exchange Board of India (SEBI) to Mr Narain and 13 others, in the algorithm (algo) or high frequency trading (HFT) case. 
 
Others who were issued notice from SEBI includes NSE's former MD & CEO Chitra Ramakrishna, Ravi Varanasi, present chief of business development, Suprabhat Lala, present chief of regulation, Ravi Apte and Umesh Jain, both former chief technology officer and Subramanian Anand, former chief operating officer at the Exchange. 
 
Media reports say SEBI had sent notices to some officials in the technology and business divisions of NSE to get their reactions on the co-location (Colo) misuse allegations. "Till March 2013, Ravi Narain, one of the founder-members, was the CEO of the exchange. Narain, who stepped down a year before his term ended, continued to be a director on the NSE board. He was succeeded by Chitra Ramkrishna during whose term NSE switched over to a technology that was far less prone to manipulation. She resigned abruptly as CEO in December 2016, almost 15 months before the end of her term," says a report from the Economic Times.
 
An investigation report by SEBI had come to the conclusion that NSE had given preferential access to some stock brokers to its servers, making it possible for a stock broker to log into multiple servers through multiple internet protocols assigned to him, during 10 December 2012 to 30 May 2014, the newspaper says.
 
Mr Narain was at the helm during this period. He was chief of NSE from 2001 till 1 April 2013. 
 
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Comments
Ashok Visvanathan
9 years ago
Algo trading should not have an advanatge over humans. They should introduce a random delay so that humans and machine have the same efficiency.
Vaibhav Dhoka
9 years ago
In India regulator or people in position are far less impartial i.e they become manipulator and behave as rogues​ & become crooks.In this always scapegoat is small investors.In present regime at centre investigation are taken to logical end by taking punitive action.Cudos to central government.
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