SAT grants interim relief to Chitra Ramkrishna

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The Securities Appellate Tribunal (SAT) has granted an interim relief to former managing director and chief executive officer of the National Stock Exchange (NSE) Chitra Ramkrishna. In an order dated April 11, the tribunal directed Ramkrishna to deposit ₹2 crore within six weeks; and if the deposit is made, the market regulator has been ordered not to recover the balance fine until the tribunal delivers its final verdict in the matter.

On February 11, market regulator Securities and Exchange Board of India (Sebi) had imposed a penalty of ₹3 crore on Ramkrishna for alleged governance lapses. The market regulator had also directed NSE to forfeit Ramkrishna’s excess leave encashment of ₹1.54 crore and the deferred bonus of ₹2.83 crore. Sebi had directed NSE to retain and deposit the same in its investor protection fund.

In the April 11 order, SAT has also directed NSE to deposit ₹4.73 crore towards leave encashment and deferred bonus of Ramkrishna in an escrow account instead of depositing it in the investor protection fund. The tribunal has also directed Sebi to submit its reply within four weeks.

The SAT bench said it will consider all these arguments during the next hearing, likely to take place on June 30, 2022.

In a 190-page order issued on February 11, Sebi had penalised NSE, Ramkrishna, and her predecessor Ravi Narain for governance lapses in appointing Anand Subramanian as the exchange’s group operating officer (COO) and advisor to Ramkrishna.



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