ED arrests former NSE Chairman Ravi Narain in co-location and phone tapping case

Former Chairman of the National Stock Exchange (NSE) Ravi Narain has been arrested by the Enforcement Directorate (ED). NSE is investigating co-location and phone tapping case. The details on the arrest are awaited. 

Earlier in May, Securities Appellate Tribunal (SAT) had stayed an order passed by the Securites and Exchange Board of India (Sebi) against NSE chief Ravi Narain relating to governance lapses at the bourse, a PTI report said. 

SAT, in an order passed on May 6, 2022 said that Narain must deposit Rs 50 lakh within four weeks with Sebi.

In addition, it said that the amount deposited would be kept in an interest-bearing account by Sebi, depending on the outcome of the appeal.

In an order dated February 11, the capital markets regulator barred Narain from associating with any market infrastructure institution or any Sebi-registered intermediary for two years. A penalty of Rs 2 crore has also been imposed on him.