Co-location case: SAT grants interim relief to former NSE CEO Ravi Narain

Former NSE chief executive Ravi Narain was Tuesday granted interim relief by the Securities Appellate Tribunal (SAT) in the co-location case order by Sebi. Granting the interim relief in the form of a stay, a division bench of SAT including presiding officer Justice Tarun Agarwala, member CKG Nair and judicial member Justice MT Joshi adjourned the case to July 22.

The capital markets regulator had earlier this month barred Narain and other NSE executives including former managing director Chitra Ramkrishna and others for their role in the co-location case. In its order, Sebi had said, "Having held the senior-most management position in the NSE and overseeing the affairs of the conduct of the stock exchange business, they cannot limit their roles to the non-technology issues of the exchange."

"The MD and CEO of a stock exchange cannot abdicate his/ her responsibility by citing limited knowledge in certain spheres of the business activities," it had said in the order. Three other officials of the equity bourse, who were serving the exchange, have been granted similar reliefs in the past and have already rejoined service.

(With inputs from agencies.)