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The former chief executive officer and managing director of the National Stock Exchange of India (NSE), Ravi Nairan got arrested on September 6 by the Enforcement Directorate in a phone-tapping case.
A case was registered by the Anti-Money laundering agency against him along with ex-NSE chief Chitra Ramakrishna and former Mumbai Police Commissioner Sanjay Pandey under criminal sections of the Prevention of Money Laundering Act (PMLA) on July 14.
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The Central Bureau of Investigation (CBI) has booked the three of them for allegedly tapping NSE employees’ phones between 2009 and 2017.
ED's Special Public Prosecutor N K Matta told the Delhi court that the accused hired a private firm, iSEC Services Pvt Ltd to cheat NSE and its employees. The firm was asked to illegally trace the phone calls of the exchange's employees in the guise of periodic study of cyber vulnerabilities of NSE.
Before the arrest of Narian, ED had already got their hands over Ramakrishna on July 14 in the same phone tapping case.
Narain is the longest-serving managing director and chief executive officer (MD & CEO) of the NSE who served from April 1994 to March 2013.
“After receiving an MBA from Wharton School, Narain had the option of taking up a comfortable job in the US. Instead, he opted to return to India and a few years later joined state-owned IDBI. Subsequently, he moved to the newly set up NSE. Narain is among the few who can take credit for breaking the dominance of the Bombay Stock Exchange (BSE), which was then led by brokers. In quick time, NSE overtook BSE and cemented its lead over the age-old bourse.” said one of the NSE’s executive directors in an anonymous statement
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