Ex-NSE MD’s residence searched by IT Dept
The Ex-Managing Director and CEO of the National Stock Exchange, Chitra Ramakrishna’s residence has been searched by the Income Tax Department on Thursday. Ramakrishna is also accused of sharing confidential information with her spiritual guru.
She shared information including the bourse’s financial projections, business plans, and board agenda with the spiritual guru living in the Himalayas, the Securities and Exchange Board of India (SEBI) said in an order.
The IT department is scanning various transactions and digital records. They have also recorded the statements of a few of her employees.
Recently, SEBI had imposed a fine of Rs.3 crore on Ramakrishna. Last week, SEBI imposed a fine of Rs.3 crore on Ramkrishna, Rs.2 crore each on the NSE, and Ravi Narain for allegedly breaching securities contract rules related to the appointment of Anand Subramanian as group operating officer and adviser to the managing director.
She is alleged to have shared important information with her spiritual guru. “Information regarding organizational structure, dividend scenario, financial results, human resource policies and related issues, response to the regulator, etc., were shared by her with Yogi,” said the source. Between 2014 and 2016 she sent emails at email@example.com.
It was learned that this Yogi was Subramanian, who was brought to NSE by Ramakrishna. He had access to the email ID on which the emails were sent.
Subramanian had been the Chief Strategic Advisor of NSE. He served there at this post between 2013 and 2015. He was given the post of Group Operating official and advisor to MD. He discharged his duty on this post between 2015 and 2016.
Subramanian, who had previously been working as a mid-level manager in Balmer and Lawrie, had no exposure to the capital market. His salary was increased from Rs.15 lakh per annum to Rs.1.68 crore yearly. Later in 2017, his salary was increased to Rs.4.21 crore yearly. It was a massive salary hike that he was given at the NSE.
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