The Securities Appellate Tribunal (SAT) has directed Anand Subramanian, former Group Operating Officer at the National Stock Exchange (NSE), to deposit Rs 60 lakh in the case related to governance lapses at the bourse.
"If the amount is deposited the balance amount shall not be recovered during the pendency of the appeal. The amount so deposited shall be kept in an interest-bearing account which would be subject to the result of the appeal," an order passed on Wednesday said.
He has been directed to pay the amount within four weeks and the order comes as interim relief to him.
Subramanian approached the tribunal after Sebi passed an order on February 11, wherein it imposed a penalty of Rs 2 crore on him for alleged governance lapses at the NSE.
In addition, the regulator has restrained him from associating with any market infrastructure institution or any Sebi-registered intermediary for three years.
Sebi, in its order, alleged that Subramanian made an incorrect and misleading statement before the regulator regarding his appointment and selection in NSE and that when he became a Group Operating Officer and Advisor to Managing Director in April, 2015 and therefore became a Key Management Personal (KMP).
Further, it was alleged that Subramanian misused his proximity to NSE's former MD and CEO Chitra Ramkrishna by creating another identity before her in the form of Rigyajursama to guide her to perform her duties according to his wish, and further he acted against the interest of the exchange by influencing the decision of Ramkrishna.
"Prima facie this finding appears to be based on conjectures and beyond the show cause notice. Further, prime facie the imposition of penalty for making a misleading statement about his appointment and being a KMP also appears to be excessive and arbitrary," SAT said in the order.
The appellate tribunal will now hear the matter on June 30.
Earlier, SAT gave some relief to Ramkrishna and Ravi Narain, former chief of NSE, in the same case.