Sebi on Tuesday imposed a penalty of Rs 50 lakh on the National Stock Exchange for making changes in compensation policy for senior management level people without taking prior approval from the markets regulator. The change in the policy resulted in encashment of accumulated ordinary leaves for NSE’s former managing directors and chief executive officers — Ravi Narain and Chitra Ramkrishna — above the limit of 360 days granted by the exchange without taking Sebi’s prior nod, an order said.
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