Chitra Ramakrishna's name came into the limelight when on February 11, SEBI said that it had appointed Anand Subramanian as an advisor to the managing director of the exchange under the influence of a yogi living in the Himalayas.
The troubles of former stock exchange CEO Chitra Ramakrishna seem to be increasing due to irregularities in the National Stock Exchange (NSE). After the raid of the Income Tax Department, now the CBI has started tightening the noose on Chitra. On Friday, the CBI questioned former CEO Chitra Ramakrishna.
Lookout circular issued
Apart from Chitra Ramakrishna, CBI has also issued a lookout circular against Ravi Narayan and former COO Anand Subramaniam. Earlier on Thursday, the Income Tax Department raided NSE's former Managing Director (MD) and Chief Executive Officer (CEO) Chitra Ramakrishna and Group Operating Officer Anand Subramaniam in connection with tax evasion at their locations in Mumbai.
Officials said that the purpose of this action is to investigate the allegations of tax evasion and financial irregularities against the two men and collect evidence. The Mumbai Investigation Branch of the Income Tax Department had conducted this raid on the premises of Ramakrishna and Subramaniam.
Unknown Yogi's name in the case
Chitra Ramakrishna was in the news when markets regulator SEBI recently issued an order, according to which Chitra Ramakrishna, former MD, and CEO of NSE, under the influence of a yogi, appointed Anand Subramaniam as Group Operating Officer and Managing Director at the exchange. appointed advisor.
The Securities and Exchange Board of India (Sebi) had accused Ramakrishna and others of violating norms in the appointment of Subramaniam as a chief strategic advisor and then his reappointment as group operating officer and advisor to the managing director.
SEBI imposed fine
Sebi had imposed a fine of Rs 3 crore on Ramakrishna, Rs 2 crore each on NSE and its former managing director and COO Ravi Narayan and Subramaniam, Rs 6 lakh on Chief Regulatory Officer VR Narasimhan. SEBI, in its order, had said that Ramakrishna had shared departmental intelligence, including economic and business plans of NSE, with the alleged Yogi.
Ramakrishna was the MD and CEO of NSE from April 2013 to December 2016. Ramakrishna and Subramaniam have been barred from associating with any market infrastructure institution or any intermediary registered with SEBI for three years. Whereas for Narayan this restriction is for two years.
Agencies involved in the investigation
SEBI also directed NSE to forfeit Rs 1.54 crore and Rs 2.83 crore of deferred bonus paid instead of additional leave to Ramakrishna. Along with this, the regulator has barred NSE from introducing any new product for six months.
The CBI has registered a case against Sanjay Gupta, the owner and promoter of Delhi-based OPG Securities Pvt Ltd, in the NSE Co-location Facility case for profiting from early access to stock market news. CBI was also probing unidentified officials of SEBI and NSE, Mumbai, and other persons in the same case.
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