In yet another setback for Chitra Ramkrishna, the Income Tax Department searched her office on Thursday. Ramkrishna is being probed for allegedly obtaining unlawful financial advantages by disclosing NSE internal secret information to an unknown third party. She was given 45 days to pay the penalty.
NOW, WHO IS CHITRA RAMKRISHNA?
From 2013 until 2016, Chitra Ramkrishna served as the NSE’s Managing Director (MD) & Chief Executive Officer (CEO).
CHITRA RAMKRISHNA’S SUCCESS
According to Reuters, Chitra Ramkrishna was amongst a group of executives that founded the NSE in the early 1990s as a rival to the more established BSE Ltd, then known as the Bombay Stock Exchange.
In 2009, she was named NSE’s joint managing director; she was appointed CEO later that year.
CHITRA RAMKRISHNA’S FALL
Ramkrishna was fired from the NSE in 2016 for her participation in the co-location and also trading scandal, as well as misuse of authority, according to PTI.
For 20 years, Ramkrishna was instructed on personal and professional problems by a spiritual guru she said lived in the Himalayas. This was discovered in a Sebi decision against Ramkrishna and others for governance failings in the employment of Anand Subramanian as a top strategy advisor and his re-designation as group operating officer and advisor to the MD.
According to the regulator, Ramkrishna has refused to give the identity of the unidentified individual and has attempted to argue that the mysterious person is a spiritual power.
Sebi fined Ramkrishna Rs 3 crore for governance errors in appointing Subramanian, NSE, Subramanian, and former MD and CEO Ravi Narain Rs 2 crore each, and V.R. Narasimhan Rs 6 lakh for his role as a chief regulatory officer and compliance officer.
Furthermore, Ramkrishna and Subramanian have been barred from associating with any Sebi-registered market infrastructure institution or intermediary for three years, while Narain has been barred for two years.