Former NSE Chief Chitra Ramakrishna has been arrested by the CBI. Many others involved are also arrested in Delhi. Chitra was arrested under the case filed in May 2018 for alleged abuse of NSE’s server architecture.
Reportedly, there are large lapses at India’s largest stock market. Furthermore, she is accused of sharing confidential information with an individual, projected to be a ‘Himalayan yogi’
However, the arrest came just a day after a Delhi court dismissed her request for a pre-arrest bail plea. Moreover, the court pulled up the Central Bureau of Investigation for inaction and being “lackadaisical” in the probe. The probe is lagging against former NSE Chief, over the last four years.
In addition to this, special judge, Sanjeev Agarwal, observed that the market regulator and Exchange Board of India (SEBI) has been ‘too kind’ to Chitra Ramakrishna. He also told that the truth needs to be dug out as to why there was no custodial interrogation against her.
Earlier, it was said that Ms Ramakrishna was allegedly influenced by a ‘Himalayan yogi’. However, the mysterious ‘Himalayan Yogi’ was outed as Anand Subramanian. He was a former officer at the stock exchange. He is also arrested in a market manipulation case.
Anand Subramanian came under the scanner after Chitra Ramakrishna decided to appoint him. SEBI reported that, this decision was taken under the so-called yogi’s influence.
Subsequently, Ms. Ramkrishna is accused of governance lapses while she was the MD and CEO of the NSE. She appointed Mr. Subramanian and outsized his promotion during her term from April 2013 to December 2016.
Surprisingly, NSE and its board were aware of the interactions with the ‘mysterious adviser’, but chose to be silent.
