Page 44 - The Indian EYE 022522

BUSINESS EYE FEBRUARY 25, 2022 | The Indian Eye 44

a MYsteRIoUs ‘YogI’ and shaRes:

how a scandal engulfed

national stock exchange

Market regulator SEBI called it “bizarre misconduct” and a “glaring breach” of

regulations as former CEO of NSE comes under various probes

OUR BUREAU hi-based member on the NSE was
able to access privileged price in-
Mumbai
formation by linking to servers and
he Central Bureau of Inves- getting access to the least crowded
tigation (CBI) is questioning servers. This later came to be known
Tformer managing director as the co-location scam where select
and chief executive officer of Na- traders were allegedly given prefer-
tional Stock Exchange (NSE) Chi- ential access to data and trading sys-
tra Ramkrishna in connection with tems through the co-location facility
the National Stock Exchange (NSE) at the exchange. Ramakrishna re-
co-location case in Mumbai on Fri- signed from NSE in December 2016
day. due to personal reasons.
The Securities and Exchange
according to the sources, a Board of India (SEBI) has penalized
the National Stock Exchange (NSE)
look out circular has been is- and its former CEOs Chitra Ram-

sued against chitra Ramkrish- krishna and Ravi Narain, and two
other officials for lapses in hiring at
na. a look out circular has also senior level. V R Narasimhan, who
been issued against Ravi nara- Former NSE chief executive officer Chitra Ramkrishna was the chief regulatory officer and
chief compliance officer of the NSE
in, who was Md and ceo of the at the time of the violation of norms,
SEBI has slapped a penalty of
nse before chitra Ramkrishna. early morning on Thursday and are Rs 3 crore on Chitra Ramkrishna, has been directed to pay Rs 6 lakh.
currently underway in Mumbai and
In addition to this, the market
Ravi narain was the Md and Chennai at the premises linked to in a fresh order in the co-location regulator has barred the Nation-
ceo of the national stock ex- Chitra Ramakrishna. The income case. The 190-page order also fault- al Stock Exchange from launching
any new product for a period of six
ed Ramkrishna for running the ex-
tax department started the search on
change from april 1994 till credible information of tax evasion, change at the behest of a mysterious months.
In the order, the market regu-
March 2013, while chitra Ram- an official said. yogi. The market regulator SEBI lator SEBI noted that Anand Sub-
called it “bizarre misconduct” and a
Chitra Ramkrishna was manag-
krishna was Md and ceo of the ing director and chief executive offi- “glaring breach” of regulations. ramanian was appointed without
cer (MD & CEO) of the NSE from
Ramakrishna was the sec-
nse from april 2013 to decem- April 2013 to December 2016. ond-highest paid executive in the following due procedure and he was
given unequal pay of more than Rs.
ber 2016. She has also been on the radar of financial services industry in FY16, 4 crore per annum higher than most
the market regulator Securities and before she quit. She was appointed of the seniors at NSE.
The Income Tax (IT) Depart- Exchange Board of India (SEBI). joint managing director of NSE in “Noticee no. 6 (Anand Subrama-
ment on Thursday raided various Last week the SEBI penalized 2009 and promoted to CEO in 2013. nian) was also an accomplice with
premises linked to Chitra Ramkrish- Chitra Ramkrishna, her predecessor Her salary that year was second only the unknown person who influenced
na in Mumbai and Chennai. Ram- at the NSE Ravi Narain, two other to Aditya Puri’s, then managing di- the decision of Noticee no. 1 (Chitra
krishna has also been on the radar of officials along with the NSE for laps- rector of HDFC Bank, who took Ramkrishna) and thereby benefit-
the market regulator Securities and es in hiring at the senior level. The home Rs 9.7 crore, and almost three ting himself by being re-designated
Exchange Board of India (SEBI). market regulator found that the times that of BSE CEO Ashishku- as ‘group operating officer and ad-
On Thursday, the Income Tax NSE and its top officials violated se- mar Chauhan, who earned Rs 3.3 visor to MD’ and having the com-
(IT) Department on Thursday raid- curities contract rules related to the crore. pensation being paid to him increase
ed premises linked to Chitra Ram- appointment of Anand Subrama- But in 2015, things started substantially each year, upon the ad-
krishna. According to the sources, nian as group operating officer and to unravel. A Singapore-based vice of the unknown person to No-
the IT department raids started adviser to the Managing Director. whistle-blower alleged that a Del- ticee no. 1,” SEBI said in the order.

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