NSE Algo Scam: Ravi Narain Resigns From Boards of Escorts, PI Industries Following SEBI Order
Moneylife Digital Team 02 May 2019
Following the order from market regulator SEBI in the NSE algo scam, Ravi Narain, former managing director and chief executive (CEO) and later vice chairman of the Exchange, has resigned from the board of directors of two listed companies: automaker Escorts Ltd and agro-chemical company PI Industries Ltd.
 
In their regulatory filings, both Escorts and PI Industries said that Mr Narain, independent director has resigned from their board.
 
Mr Narain was appointed as director on the Escorts board on 12 September 2018. He became a director of PI Industries on 9 September 2016, even while he was a director of NSE.
 
Mr Narain is also director of NSDL E-governance Infrastructure Ltd since 8 September 2016, as per data from the ministry of corporate affairs (MCA). 
 
Interestingly at NSDL E-governance, Mr Narain is part of every committee of the board, including audit committee, nominations and remuneration committee, corporate social responsibility committee and risk management committee. 
 
 
Chitra Ramakrishna, former MD and CEO of NSE, who is also barred from holding any position at a market intermediary, or market infrastructure institution, is a director of Maveric Systems Ltd.
Comments
Prakash Bhate
2 years ago
Ravi Narain and Chitra Ramakrishna are financial terrorists who have done more damage to the country than Masood Azhar. The tragedy is that they still are living the high life instead of being hunted and destroyed.
murugu selvan
2 years ago
criminals going scot free. Both Narain and Chitra are evil. look at their criminal faces. especially that smug bitch.
Krishnan Hariharan
2 years ago
Why not jail term to these unscrupulous elements in addition?
Krishnan Hariharan
2 years ago
If we are pursuing cases against Nirav Modi and Vijay Mallya why not meet out the same treatment to Ravi Narayan? If Ravi Narayan is allowed to go scot free then this will only encourage such abuses of power will continue for ever. Such unscrupulous elements should be punished severely.
B. KRISHNAN
2 years ago
Privately, this duo would be laughing at their good luck! No criminal case, and most probably full retirement benefits!
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