Chitra RamKrishna, the former CEO and MD of NSE took decisions dictated by an unknown yogi residing in the Himalayas. It is ironical to know that an educated woman like Chitra appointed candidates on the suggestions given by the yogi.
NSE
NSE is India’s largest stock exchange with a combined market capitalisation of close to $4 trillion. However, only a highly educated person fits the post. Apparently, education and superstition is a rare combination. Shockingly, Chitra Ramakrishna, is one among them.
SEBI’s Probe
This news has come to light after SEBI released an order on Friday. According to SEBI, a probe against Chitra, NSE and four others revealed many things. The information is now available on the market regulator’s website.
Information Shared
Moreover, the probe revealed that Chitra shared confidential information to the unknown Yogi. She shared information related to NSE’s five year projections, financial data, dividend ratio, business plans, agenda of board meeting. She even consulted him on employee performance appraisals.
Chitra Ousted from Office
Chitra was removed from office in 2016. The allegations were that she misused her power in the appointment of Subramanian. She had a role in the co-location and a trading scam.
No questions asked
Surprisingly, none of the senior management, board, or the promoters objected to her ways. Many bank officials and government officials did not ever question her. In addition, she was paid Rs.44 crore as pending dues and salary when she left NSE.
Unknown yogi
Chitra referred to the unknown yogi as “Siromani”. The probe shows that she had communicated to this ‘yogi’ through emails.
Diktats of Yogi
Furthermore, Chitra was advised to offer the role of Chief Strategic Advisor at NSE. The appraisals, the increments, the revision of salary, his first class- International Air travel etc were all diktats of the ‘yogi’.
Moreover, Chitra consulted the ‘unknown yogi’ for appointments. Moreover, she consulted him to form groups and who should be included in them.
Chitra Quits NSE
SEBI said that the unknown yogi was running the exchange while Chitra “was a mere puppet”. However, Chitra quit NSE in 2016 citing “personal reasons”, and was not immediately reachable for any comments.
Judgement
After the investigation, SEBI confirmed that confidential information was exchanged. Apparently, it did not want to disclose it to anyone. SEBI penalized Chitra of Rs 3 Crore. Furthermore, they barred her from any bourse and SEBI registered intermediary for three years.
