Former MD-CEO of NSE used to appoint on the advice of Baba of Himalaya!  SEBI took big action

Former MD-CEO of NSE used to appoint on the advice of Baba of Himalaya! SEBI took big action

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New Delhi. Market regulator SEBI has made an important disclosure about Chitra Ramakrishna, the former MD and CEO of the country’s leading stock exchange NSE. SEBI says that Chitra used to take decisions on the advice of an unnamed Baba (Yogi) of the Himalayas. On the advice of this Baba, he appointed Anand Subramanian as an advisor to the Group Operating Officer and Managing Director in the exchange.

Capital markets regulator SEBI has imposed a fine on NSE, its former managing directors, chief executive officers Chitra Ramakrishna and Ravi Narayan and others. The penalty has been imposed for violation of securities contract rules in the appointment of Anand Subramanian as Group Operating Officer and Advisor to the Managing Director (MD).

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fined crores of rupees
The Securities and Exchange Board of India (SEBI), in its 190-page order, found that Baba directed them to appoint Subramaniam. After this, SEBI has imposed a fine of Rs 3 crore on Ramakrishna, Rs 2 crore each on National Stock Exchange (NSE), Narayan and Subramanian and Rs 6 lakh on VR Narasimhan. Along with this, the regulator has barred NSE from introducing any new product for six months.

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banned for three years
Ramakrishna and Subramanian have been barred from associating with any market infrastructure institution or any intermediary registered with SEBI for a period of three years. For Narayan, this restriction is two years. Besides this, SEBI also directed NSE to forfeit the deferred bonus of Rs 1.54 crore and Rs 2.83 crore paid in lieu of additional leave to Ramakrishna. The regulator has taken this step in connection with the violation of securities contract rules in the appointment of Anand Subramanian as the group’s operating officer and advisor to the managing director (MD).

MD-CEO for more than three years
Ramakrishna was the MD and CEO of NSE from April 2013 to December 2016. She used to call Yogi as Siromani. According to him, Baba is a spiritual force and has been guiding him on personal and professional matters for the past 20 years. This unknown person or Baba was allegedly a spiritual force, who could appear anywhere he wanted.

Tags: NSE, SEBI

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