NSE Scam: On the recommendation of Himalaya Baba, Anand Subramaniam was appointed, now under the wraps of Income Tax

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


new Delhi. Along with Chitra Ramakrishna, former MD and CEO of National Stock Exchange (NSE), now former Chief Operating Officer of the exchange, Anand Subramanian also came under the wraps of Income Tax Department. Huh. This is the same Anand Subramaniam, who was appointed in NSE on the recommendation of Himalaya Baba.

Along with these, the Income Tax Department has also raided the locations of Chitra Ramakrishna, who took appointments and other decisions at the behest of Baba, in Mumbai and Chennai. Officials of the Income Tax Department said that the purpose of this action is to investigate the allegations of tax evasion and financial manipulation against the two and collect evidence. It was suspected that the duo may have gained illegal financial gains by sharing confidential information of the exchange with third parties.

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Officials took some documents in possession

Officials said a raid was also conducted at Ramakrishna’s premises in Chennai. The search team has seized some documents from all those premises. Ramakrishna was in the news when the market regulator SEBI recently issued an order. It said that Chitra Ramakrishna, under the influence of a yogi, appointed Anand Subramaniam as an advisor to the group operating officer and managing director at the exchange.

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SEBI imposed fine

The Securities and Exchange Board of India (Sebi) had accused Ramakrishna and others of violating norms in the appointment of Subramaniam as chief strategic advisor and then his reappointment as group operating officer and advisor to the managing director. After this, SEBI imposed a fine of Rs 3 crore on Ramakrishna, Rs 2 crore each on NSE, its former managing director and chief executive officers Ravi Narayan and Subramaniam and Rs 6 lakh on Chief Regulatory Officer VR Narasimhan.

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Accused of sharing intelligence with Baba

SEBI had said in its order that Ramakrishna had shared departmental intelligence with Yogi. These include the economic and business plans of NSE. 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 a period of three years. For Narayan, this restriction is two years.

Congress’s demand to bring white paper

SEBI had also directed NSE to forfeit Rs 1.54 crore and Rs 2.83 crore of deferred bonus paid in lieu of additional leave to Ramakrishna. Along with this, the regulator has barred NSE from introducing any new product for six months. After this disclosure, Congress had demanded from the government to bring a white paper on the functioning of NSE.


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