The tax search was conducted at Chitra Ramkrishna, former head of the National Stock Exchange.
New Delhi:
Chitra RamkrishnaThe former director of the country’s largest stock exchange, who is said to have shared confidential information with a yogi in the Himalayas and received his advice on important decisions, has been cleared by the Income Tax Department. check out today.
Chitra Ramkrishna served as chief executive officer and CEO of the National Stock Exchange (NSE) from 2013 to 2016 and left for “personal reasons”.
She shared information including financial projections, business plans, and board agendas with Himalayas-based spiritual guru, Securities and Exchange Commission of India (SEBI). know in one command.
The market regulator called it “strange misconduct” and a “clear violation” of the regulations.
“The sharing of the NSE’s financial and business plans … is an obvious, if not unthinkable, move that could shake the very foundations of the stock exchange.” , SEBI said in its order, while imposing penalties on Ms. Ramkrishna, NSE and other heads. former executives because of the mistakes.
The guru is running the exchange and Ms Ramkrishna is “merely a puppet in his hands”, SEBI said.
The decisions Ms. Ramkrishna made under the influence of the yogi included appointing a mid-level executive without any capital markets experience, as an advisor and as an executive officer of the NSE. Ms Ramkrishna is alleged to have increased “regular, arbitrary and disproportionate” compensation to Anand Subramanian without any evidence of performance appraisal.
Ms Ramkrishna is also accused of sharing inside information including NSE business and financial plans, dividend scenarios, financial results with the yogi and consulting him on performance reviews of employees of the exchange.
SEBI imposed a penalty of 30 million rupees on Ms Ramkrishna and banned her from joining any SEBI registered exchanges and intermediaries for three years.
Ms Ramkrishna, defending herself, told SEBI that sharing information with someone of a “spiritual nature” does not compromise confidentiality or integrity.
She calls the yogi “Sironmani” and says he has guided her for the past 20 years in personal and professional matters. She also calls him a “spiritual force that can manifest itself wherever it wants and is devoid of any physical coordination or location and largely resides in the Himalayas”.
Ms Ramkrishna was among a group of executives who in the early 1990s started the NSE as a competitor to the more established BSE Ltd, then known as the Bombay Stock Exchange. . She was appointed joint chief executive officer of the NSE in 2009 and was promoted to CEO in 2013.
