Home » News » Queen Of Bourses, Himalayan Yogi And Big Stock Market Scam: Why Ex-NSE Chief Chitra Ramkrishna Has Been Arrested?

A Special CBI court has sent former Managing Director and Chief Executive Officer of the national stock exchange Chitra Ramkrishna to seven days of CBI custody in connection to Co-location scam.

The decision came after a day her anticipatory bail plea was rejected.

CBI has produced her before special judge Sanjeev Aggarwal seeking 14-day custodial interrogation in the case. The investigative agency also submitted that Chitra has not been cooperating in the interrogation and is being evasive.

The court pulled up CBI for inaction and being “lackadaisical” in the probe against her over the last four years. Judge Aggarwal also stated that market regulator Securities and Exchange Board of India (SEBI) has been too kind to her and her sustained custodial interrogation is required to dig out the truth.

CBI submitted that she refused to recognize Anand Subramaniam despite it being found that 2,500 emails were exchanged between the two.

Former group operating officer (GOO) of NSE was arrested on February 25 in connection to the Manipulation Scam.

Security and Exchange Board of India has levied a fine of Rs 3 crore on Ramkrishna, Rs 2 crore each on NSE, Subramanian, former NSE MD and CEO Ravi Narain, and Rs 6 lakh on VR Narasimhan, who was the Chief Regulatory Officer and the Compliance Officer.

NSE has also been restricted from launching any new product for six months.

With every development, the case is getting merkier and mysterious Himalayan Yogi has made the case more interesting. As per SEBI, Ramkrishna was influenced by the advice of that unidentified Himalayan yogi on important decisions for the past 20 years.

Who Is Chitra Ramkrishna?

Chitra Ramkrishna, also known as “queen of bourses”, was the first woman to head a stock exchange in India. She was the third woman to head an exchange in the Asia-Pacific region after Sri Lanka’s Colombo Stock Exchange and China’s Shenzhen Stock Exchange.

She completed her chartered accountancy at the age of 21 and joined Industrial Development Bank of India in 1985. Ramkrishna was also involved in drafting the legislative framework of the Securities and Exchange Board of India (Sebi) in 1980.

She was appointed as NSE’s MD in 2009 and promoted to chief executive officer (CEO) in 2013.

Ramkrishna has also been instrumental in setting up pan-India VSAT network and building the infrastructure and legislative framework for India’s first depositor.

She was recognised as the Forbes Women Leader of the year in 2013 and “the most powerful woman in India’s securities market” by Fortune India.

Who Is Anand Subramaniam? Why His Appointment At NSE Is Controversial? Is He the Controversial Yogi?

Prior to joining NSE in 2013, Anand Subramaniam was a low-key employee at Transafe Services Limited and was earning around Rs 15 lakh per annum. His appointment at NSE raised many eyebrows because of his little knowledge about the stock market.

He was hired by NSE at an annual compensation of Rs 1.68 crore. As per Business Standard report, his compensation was increased to Rs 4.21 crore. Ramkrishna allegedly kept promoting Subramaniam over the period of three years, eventually making him GOO. She even exempted him from working five days a week. It was alleged that she asked him to come only for three days.

In its order, Sebi has stated that NSE chief was indulged in “financial misdeed” by increasing Subramanian’s compensation in an “arbitrary and disproportionate manner”.

In 2018, Ramkrishna had submitted that the person was Yogi Paramahansa who may be largely dwelling in the Himalayan ranges.

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