Delhi Court sends ex-NSE MD Ravi Narain to two-day ED custody

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 the court by the probe agency.

ED's Special Public Prosecutor N K Matta told the court that the accused was required to be confronted with other accused persons and evidence to unearth the larger conspiracy in the matter. He said that Narain's interrogation was required to investigate the money trail in the case.


As per ED case, the top officials of NSE, including accused Ravi Narain, caused the monetary loss to the bourse by allowing iSec to gain money out of illegal activity done under the guise of a legitimate contract of 'Study of Cyber Vulnerabilities', the court noted.