The Securities and Exchange Board of India (Sebi) on Tuesday issued a notice to former NSE group operating officer Anand Subramanian on Tuesday, demanding Rs 2.05 crore in a case involving governance lapses at the stock exchange. The capital markets regulator also threatened him with arrest and seizure of assets and bank accounts if he does not pay within 15 days, as per PTI report.

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Subramanian received the warning after failing to pay a fine levied by Sebi.

According to a decision issued on February 11, Subramanian was fined Rs 2 crore by the regulator in a matter of governance issues at the exchange.

Former NSE chiefs Chitra Ramkrishna and Ravi Narain, as well as others, have been accused with alleged governance violations in Subramanian's appointment as chief strategy advisor and subsequent re-designation as group operating officer and advisor to then-MD Ramkrishna.

Ramkrishna was also accused of exchanging confidential information of the company with an "unidentified person. He was fined Rs 3 crore whereas Narain was fined Rs 2 crore by the regulator, said PTI.

From April 1994 to March 2013, Narain was the MD and CEO of the National Stock Exchange (NSE). From April 2013 to June 2017, he served as vice-chairman of the NSE's board of directors in the non-executive category. Whereas   Ramkrishna served as the MD and CEO of NSE from April 2013 to December 2016.

According to PTI, Sebi issued a fresh notice requiring Subramanian to pay Rs 2.05 crore within 15 days, which includes interest and recovery costs.

In the event of non-payment of dues, the markets regulator will attach and auction his moveable and immoveable property to recoup the debt. He also risks having his bank accounts frozen and being arrested.

Narain received a similar demand notice last week.

(With the inputs of PTI)