Ravi Narain

Narain, arrested a few days before the chargesheet was filed, had allegedly conspired with iSec in the tapping case from the beginning

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A Delhi court on Wednesday sent former MD and CEO of National Stock Exchange Ravi Narain to two days' custodial interrogation by Enforcement Directorate in a money laundering case related to alleged illegal phone tapping and snooping on stock exchange employees. Special Judge Sunena Sharma allowed ED's plea seeking Narain's custody till September 9 after the accused was produced before him by the probe agency. ED's Special Public Prosecutor N K Matta told the court that Narain was required to be confronted with other accused persons and evidence in the matter to unearth the larger conspiracy in the matter. The ED on Tuesday arrested him in the case. Narain was the MD and CEO of NSE from April 1994 to March 31, 2013. Thereafter, he was appointed as the vice-chairman in a non-executive category on the company's board from April 1, 2013, to June 1, 2017. The ED had registered an Enforcement Case Information Report (ECIR) in July against former Mumbai Police commissioner Sanjay Pandey

The case pertains to hiring private firm iSec Services to allegedly tap the phones of NSE employees

The Enforcement Directorate on Tuesday arrested former NSE CEO and MD Ravi Narain in a money laundering case, officials said. His role is being investigated by the federal probe agency as part of two criminal cases linked to the bourse the alleged co-location 'scam' case and the purported illegal phone tapping of employees. Narain is understood to have been arrested in the tapping case under the criminal sections of the Prevention of Money Laundering Act (PMLA). The ED earlier had arrested another former National Stock Exchange (NSE) MD and CEO Chitra Ramkrishna in the alleged phone tapping case while the CBI, which is parallely probing these cases, had arrested her in the co-location case. The Enforcement Directorate has also arrested former Mumbai Police Commissioner Sanjay Pandey in the alleged illegal phone tapping case.

The Securities Appellate Tribunal (SAT) has stayed markets regulator Sebi's order against former NSE chief Ravi Narain in relation to governance lapses at the bourse.

On February 11, the market regulator had imposed a penalty of Rs 2 crore on Narain for lapses in governance practices at NSE.

Narain appeared before the federal agency in Delhi on Saturday and he may be called again for further questioning

Ramkrishna was ousted from the NSE in 2016 for her alleged role in algo-trading through the use of colocation servers, and abuse of power in appointing Subramanian

Sebi penalised the NSE and its former MDs and CEOs, Chitra Ramkrishna and Ravi Narain, and others for violating securities contract rules in a case

Exchange made to shell out Rs 1 cr, former heads told to cough up Rs 25 lakh each

It was alleged that Sampark provided latency advantage to a few brokers, which resulted in a substantial increase in their turnover during the period from April-August 2015

Narain has stepped down from the board of Escorts and PI Industries

Narain has stepped down to allow a fair probe by Sebi