Ground Report | New Delhi: NSE Chitra Ramkrishna Yogi; The Indian stock market regulator said that the former chief (CEO) of the country’s largest exchange shared confidential information with a ‘Yogi and took several important decisions with his advice’.
The Securities and Exchange Board of India (SEBI) has said that during her tenure as the National Stock Exchange (NSE) chief, Chitra Ramakrishna consulted a spiritual leader living in the Himalayas on important matters.
Chitra Ramakrishna is accused of sharing business plans, agenda of board meetings and financial projections with Yogi. Yogi’s name is not yet known. Chitra Ramakrishna had resigned from the National Stock Exchange in the year 2016.
Chitra Ramakrishna, the former CEO and MD of NSE, India’s largest stock exchange with a combined market capitalization of around $4 trillion, was directed by a yogi living in the Himalayas to appoint Ananda Subramaniam, who is one of the best in the industry. Very little is known. Chief Operating Officer (COO) of the exchange in 2013. The cost of an appointment to NSE was ₹5 crore.
These disclosures are part of Sebi’s final order on Friday after the probe against Ramakrishna, NSE and four others. The order was issued on Friday and is available on the market regulator’s website.
Ramakrishna referred to the unknown yogi as “Sironmani” [the highest] and shared with him information such as NSE’s five-year projections, financial data, dividend ratios, business plans, board meeting agenda, and even Also consulted him on employee performance appraisal.
Ramakrishna was kicked out of NSE in 2016 for his role in the co-location and algo trading scam and abuse of power in the appointment of Subramaniam. During investigation, it was found that Ramakrishna used to run NSE free from punishment. None of the senior management, the board, or the promoters – including large government institutions and banks – ever objected to his methods. Instead, Ramakrishna was given ₹44 crore as arrears and salary on leaving NSE.
The SEBI investigation revealed that Ramakrishna communicated with Yogi, whom she had never met over email for nearly 20 years, and directed her to appoint Subramaniam as the second in command to the NSE. “His spiritual powers do not require him to have any such physical coordinates and will appear at will,” Ramakrishna told SEBI.
On January 18, 2013, Subramaniam was offered the role of Chief Strategic Advisor at NSE for annual compensation of ₹1.68 crore against his last drawn salary (as he claims) at Balmer Lawrie. In March 2014, Ramakrishna approved a 20 per cent pay increase to Subramaniam and his salary was revised to ₹2.01 crore. Five weeks later, Subramaniam’s salary was again increased by 15 per cent to ₹2.31 crore as Ramakrishna rated his performance as A+ (extraordinary). By 2015, his cost-to-company had increased to ₹5 crore, he was given a cabin next to Ramakrishna and allowed first class international air travel. All this was according to the instructions of the Yogi. (NSE Chitra Ramkrishna Yogi)
An email from the unidentified yogi also wrote that Subramaniam is exempted from the contractual 5-day work week and instead asked to come for only three days and be allowed to work the rest of the time as he wishes.
According to the report, E&Y analyzed 17 emails containing attachments. Eight of these attachments were pictures. “…we noticed that 2 images (corresponding to 2 emails) were geotagged and the location was close to Subbu’s (Subramaniam’s) residential address in Chennai,” the report said.
The location captured in the picture was “53 Second Main Road Teynampet Chennai Tamil Nadu 600018 India”. The latitude and longitude showed “13.03524°, 80.24791°”. Subramaniam’s residential address – “No. 2/14, II Main Road, 2nd Floor, Seethmal Colony, Extension, Opp. Seat College, Teynampet, Chennai 600018 – The latitude and longitude of “13.036528, 80.253271” was found.
Separately, E&Y ran the same check on two emails containing image attachments sent by Subramaniam to Ramakrishna from his official email ID.
“The captured location of these photographs was similar to the location captured of the images sent by Rigyajursama. The latitude and longitude of this picture are shown as “13.03514, 60.24779°”.
Based on public domain information, the distance between the coordinates (latitude and longitude) of the photographs sent by Subbu (13.03514°, 80.24778°”) and Rigyajushrama (“13.03524°, 80.24791°”) was 13 meters,” the report said.
Another evidence cited by E&Y is a hotel booking at Umaid Bhawan. On December 1, 2015, email@example.com sent an email to Ramakrishna (also marked for Subramaniam) that Kanchan’s – in reference to Subramaniam – had been “approved and booked by the ME at Umaid Bhawan”. “As per Subbu’s bank statement, a transaction of Rs 237,984 was noted on 27 November 2015 towards “Umaid Bhawan Palace”, the report said.
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