Market regulator Sebi has set up a committee to look into lapses at the National Stock Exchange (NSE) during the tenure of its former chief executive officer, Chitra Ramkrishna, according to reports.
The panel will assess shortcomings of internal control systems and compliance practices at the nation’s biggest stock exchange, Moneycontrol cited people familiar with the matter.
The committee is expected to identify the reasons for the lapses at various levels, including the board, the regulator and the government, and suggest checkpoints and stricter controls so that such issues don’t crop up again.
Sebi charged Ramkrishna and other NSE officials in February with alleged governance lapses and violation of securities contract rules in the hiring and appointment of Anand Subramanian as chief strategic advisor and his subsequent re-designation as group operating officer and advisor to MD.