Board, management overhauled in last 6 years, says NSE - Times of India

Board, management overhauled in last 6 years, says NSE – Times of India

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MUMBAI:The National Stock Exchange (NSE) said late on Wednesday that the matter relating to the conduct of its former managing director (MD) Chitra Ramakrishna was at least six years old and since then there has been complete overhaul of its board, management and operational structures.
It was reacting to the continuing controversy and questions about internal corporate controls within the bourse. The NSE also said that it was ready to extend full co-operation to markets regulator Sebi “for a satisfactory closure of the matter”.
The ongoing controversy relates to a Sebi order of Friday that showed how Ramakrishna, during her tenure as the MD of NSE between April 2013 and December 2016, had shared several of the exchange’s confidential internal documents with an unknown ‘Himalayan yogi’.
Further, she had taken instructions from him to run the bourse. Additionally, she had bypassed the board and compromised internal systems with her conduct.
Ramakrishna had even appointed, apparently under instructions from the yogi, a person named Anand Subramanian as chief strategic adviser at NSE. This, despite Subramanian being a rank outsider with scant experience of finance or operations of a stock exchange. The yogi had, through Ramakrishna, ensured three increments for Subramanian within the first year of his appointment to an annual salary package of about Rs 4 crore. Part of this money was also laundered, the Sebi report said.



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