IT Raid At The House Of Former NSE MD Chitra Ramkrishna

IT raid at the house of former NSE MD Chitra Ramkrishna: She leaked information at the behest of an unknown yogi wandering in the Himalayas.

The Income Tax Department on Thursday raided the Mumbai premises of former MD and CEO of National Stock Exchange (NSE) Chitra Ramakrishna and Group Operating Officer Anand Subramaniam.

This action was taken against both of them in the case of tax evasion.

Officials said the purpose of this action is to investigate the allegations of financial irregularities and tax evasion against the two men and collect evidence.

Officials of the Mumbai Investigation Branch of the Income Tax Department raided the premises of Ramakrishna and Subramaniam in the early hours of Thursday.

IT raid at the house of former NSE MD: Chitra Ramakrishna was in the news recently after the Securities and Exchange Board of India (SEBI) issued an order.

Pursuant to this order, she, under the influence of a yogi living in the Himalayas, appointed Anand Subramaniam as an advisor to the group operating officer and managing director of the exchange.

SEBI had accused Ramakrishna and others of violating norms in the appointment of Subramaniam as a chief strategic advisor and then his reappointment as GOO and advisor to the managing director.

For this, SEBI had imposed a fine of Rs 3 crore on Ramakrishna, Rs 2 crore each on NSE and its former MD and CEO Ravi Narayan and Subramaniam, and Rs 6 lakh on Chief Regulatory Officer VR Narasimhan.

SEBI in its order had said that Ramakrishna had shared departmental intelligence with Yogi, including NSE’s economic and business plans, securities outlook, and economic results.

Ramakrishna was MD and CEO of NSE from April 2013 to December 2016. In its order, SEBI said that Ramakrishna refused to reveal the identity of Yogi and said that he was a spiritual person.

Ramakrishna and Subramaniam have been barred from associating with any market infrastructure institution or any intermediary registered with SEBI for a period of three years.

For Narayan, the ban is for two years. SEBI also directed NSE to forfeit Rs 1.54 crore and Rs 2.83 crore in bonuses paid in lieu of additional leave to Ramakrishna.

Along with this, SEBI has barred NSE from introducing any new product for six months.

The NSE statement.

NSE states that the said order pertains to certain issues in NSE during the period 2013-2016 and hence is around 6-9 years old.

In this regard, NSE has undergone several changes over the years at the Board and Management level. SEBI is closely monitoring and supervising the operations of NSE and other MIIs.

According to the statement, NSE over the years has been governed by the directions of SEBI on various matters and has taken various measures to further strengthen the control environment including technology architecture.