I-T dept launches search operations at premises of ex-NSE MD Chitra Ramakrishna – Times of India

I-T dept launches search operations at premises of ex-NSE MD Chitra Ramakrishna - Times of India

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MUMBAI/ NEW DELHI: The Income Tax department on Thursday began search operations at the premises of former NSE MD and CEO Chitra Ramakrishna and the former group chief operating officer Anand Subramanian as part of a wider probe on tax evasion after a final order of Sebi alleged “a glaring conspiracy of a money-making scheme”.
Sources said a team of officials from the I-T investigation wing in Mumbai and Chennai carried out the searches since morning and further probe is on and questioning of several people was underway.

Govt

The searches came close on the heels of the action by Sebi, with its final order pointing to “grave irregularities and misconduct” by Ramakrishna in the appointment of Subramanian and his redesignation as “group chief operating officer” at the country’s largest exchange and also sharing of internal and confidential information. While Ramakrishna was a long-time employee, she was MD & CEO from April 2013 to December 2016, when she resigned.
On Wednesday TOI had reported that the government and Sebi were examining how she was let off without any action or penalties and the curious decision of NSE to allow her laptop to be destroyed as e-waste when it contained crucial evidence, including the IP address of a mysterious guru advising the top executive.
Sebi’s observation around a conspiracy of a “money-making scheme” has also raised an alert. “…there appears to be a glaring conspiracy of a money-making scheme that involves Noticee No. 1 (Ramakrishna) and 6 (Subramanian) with the unknown person (guru), by which Noticee No. 1 would increase the compensation granted to Noticee No. 6 and Noticee No. 6 would then pay the unknown person from such increased compensation. This gives further credence to the allegation that there was an arbitrary and disproportionate increase in compensation granted to Noticee No. 6 by Noticee No. 1,” Sebi whole-time member Ananta Barua said in his order.
While a pecuniary benefit has not been established so far, the observation is being examined in detail.
Sebi in its final order last week had fined Ramkrishna Rs 3 crore and Subramanian Rs 2 crore, and banned them from the market for three years. The case has triggered an uproar over failure of corporate governance in the country’s largest bourse and the Congress party has demanded a white paper on the issue.



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