SAT admits Chitra Ramkrishna's plea against Sebi order

New Delhi: The Securities Appellate Tribunal (SAT) has admitted former NSE chief Chitra Ramkrishna's plea against a Sebi order in relation to governance lapses at the bourse and directed her to deposit an amount of Rs2 crore.

The appellate tribunal also directed NSE to deposit more than Rs4 crore towards leave encashment and deferred bonus of Ramkrishna in an escrow account as against Sebi's direction where the amount was to be parked in the Investor Protection Fund Trust. In an order, dated February 11, that had wider ramifications, Sebi slapped a penalty of Rs 3 crore on Ramkrishna for alleged governance lapses in a case related to the appointment of Anand Subramanian as the Group Operating Officer and Advisor when she was at the helm of NSE as its Managing Director and Chief Executive Officer.

Besides, the watchdog had asked NSE to forfeit the excess leave encashment of Rs 1.54 crore and the deferred bonus of Rs 2.83 crore of Ramkrishna, and the amount was to be deposited in the Investor Protection Fund Trust. Passing a four-page order, dated April 11, after accepting an appeal filed by Ramkrishna, SAT said that various questions raised would be considered at the time of hearing of the appeal. It also directed Sebi to submit its reply within four weeks. SAT has listed the case for hearing on June 30.