New Delhi:
The Securities Appellate Tribunal (SAT) has ordered Anand Subramanian, former Group Operating Officer at the National Stock Exchange (NSE), to deposit Rs 60 lakh in the case related to the forfeiture of governance in the stock exchange.
“If the amount is deposited, the remaining amount will not be recovered as long as the appeal is pending. The amount so deposited will be held in an interest-bearing account that depends on the outcome of the appeal,” an order passed on Wednesday said. †
He has been ordered to pay the amount within four weeks and the order comes to him as a preliminary injunction.
Subramanian approached the tribunal after Sebi passed an injunction on February 11, fined him Rs 2 crore for alleged managerial errors at the NSE.
In addition, the regulator has banned him for three years from cooperating with a market infrastructure institution or an intermediary registered with Sebi.
Sebi alleged in his warrant that Subramanian had made a false and misleading statement to the regulator regarding his appointment and selection to NSE and that when he became Group Operating Officer and Adviser to Managing Director in April 2015 and therefore a Key Management Personal (KMP).
It was further alleged that Subramanian abused his proximity to the former MD and CEO of NSE, Chitra Ramkrishna, by creating another identity for her in the form of Rigyajursama to guide her to perform her duties to his liking and further acted against the interest of the exchange by influencing Ramkrishna’s decision.
“Prima facie, this finding appears to be based on suspicion and beyond the show cause announcement. Furthermore, the imposition of a fine for making a misleading statement about his nomination and being a KMP also seems excessive and arbitrary,” SAT said. in the order.
The appeals court will now rule on the case on June 30.
Earlier, SAT gave some relief to Ramkrishna and Ravi Narain, former head of NSE, in the same case.
(This story was not edited by DailyExpertNews staff and was generated automatically from a syndicated feed.)