Former NSE chief Ravi Narain steps down from boards of two listed firms

Ravi Narain was an independent director on the board of PI Industries and Escorts. Both the two companies and made a stock exchange disclosure stating that Narain had resigned with immediate effect

Ravi Narain, former managing director (MD) and chief executive officer (CEO) of the National Stock Exchange (NSE), stepped down from the board of automobile company Escorts and agro chemical company PI Industries, on Wednesday. 

Narain was an independent director on the board of these two firms. Both Escorts and PI Industries made a stock exchange disclosure stating that Narain had resigned with immediate effect. 

The move comes a day after the markets regulator Securities and Exchange Board of India (Sebi) prohibited Narain from associating with a listed company or market infrastructure institution (MII), or any other market intermediary — for