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IT dept raids NSE’s former MD & CEO Chitra Ramkrishna’s house for sharing trade info

The income tax authority conducted a search at Chitra Ramkrishna’s Mumbai home in Chembur, Mumbai on Thursday. Ramkrishna was the managing director (MD) and chief executive officer (CEO) of the National Stock Exchange (NSE).

The news: The hunt comes after market regulator Securities and Exchange Board of India (Sebi) learned that Ramkrishna is sending sensitive information to a Himalayan yogi.

  • According to the findings of the Sebi probe, Ramkrishna, who resigned in December 2016, shared certain NSE internal confidential information with an unknown person via email between 2014 and 2016, including information on the NSE’s organisational structure, dividend scenario, financial results, human resource policies and related issues, response to regulator, and so on.
  • For disclosing the information, the market regulator fined her Rs 3 crore, in addition to irregularities in the selection of a senior official, Anand Subramanian, for which the NSE and top management were also accountable.
  • In making decisions about Subramanian’s compensation, Ramkrishna stated she was instructed by a yogi in the Himalayas.
  • Subramanian served as NSE’s top strategy advisor from April 1, 2013, until April 1, 2015. She was re-designated as group operating officer and advisor to the managing director and chief executive officer.

In addition: Furthermore, according to a forensic audit conducted by consultant company EY, Subramanian was the one who directed Ramkrishna to perform the aforementioned steps.

  • According to Sebi, the NSE and its board of directors wilfully chose not to report the incident to the regulator, preferring to keep it a secret.

As per reports this it is the second time that the Income Tax Department has conducted a raid at the NSE’s former MD’s house. The last raid was conducted in 2017.

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