NSE Accepts Ravi Narain’s Resignation, May Settle Probe With SEBI
Leading exchange NSE's board has accepted its Vice-Chairman Ravi Narain's resignation and is looking to settle the co-location probe with markets regulator SEBI through a consent mechanism.
Narain, last week, had put in his papers as SEBI intensified its probe into alleged lapses in high-frequency trading offered through the exchanges co-location facility. The role of some top officials, including Narain, who was also an ex-chief executive of the bourse, is also being looked into by SEBI. Sources said Narain stepped down as vice-chairman to ensure that the process with SEBI on the co-location case should not get affected by his presence on the NSE board.
The board of directors of the company at its meeting on Wednesday took note of the resignation of Narain as director and vice-chairman of the company with effect from June 1, 2017, NSE said in an a statement. Besides, the board placed on record its appreciation for the valuable contribution made by him to the exchange during his long presence on the bourse. According to sources, NSE is looking to settle the ongoing co-location probe with SEBI under consent mechanism.
Also Read: SEBI's Show-Cause Notice Means NSE Co-Location Probe May Be Headed For Closure
NSE is in talks with lawyers and experts and also in touch with SEBI for settlement of the co-location probe with the regulator under consent mechanism but has not filed any formal application with the regulator yet, a source said.
The consent mechanism allows settling pending proceedings without admission or denial of any wrongdoing in certain cases. The case relates to some brokers allegedly getting preferential access through co-location facility at the NSE, early login and dark fiber, which can allow a trader a split- second faster access to data feed of an exchange. Even a split-second faster access is considered to result in huge gains for a trader.
The probe is already said to be taking a toll on the exchange's proposed IPO, for which it is awaiting SEBI's clearance and was asked to provide clarifications. Sources said that the NSE has submitted all the details sought by the regulator.
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