CHITRA Ramkrishna, a CA who headed the National Stock Exchange (NSE) between 2013 and 2016, was touted as one of the powerful women of the securities market in India. But she has been in the news recently for all the wrong reasons.
She had played a key role in the setting up and growth of NSE and was at the core committee of SEBI's draft act in late 1980s. But due to her alleged proximity with a yogi, NSE was fined by SEBI. She quit due to personal reasons. SEBI has alleged that Ramkrishna shared internal confidential information, including financial and business plans of NSE, dividend scenario and financial results, with a yogi and even consulted him over the performance appraisals of employees.
CBI grilled Ramkrishna for hours in her Mumbai flat. CBI, ED and SEBI are investigating the identity of the mysterious guru from whom she allegedly took commands via email. Emails released in a SEBI order show that both had even planned a holiday together in Seychelles, even though she said she didn't know his identity.
This has led to various questions: Who is this mysterious yogi? Were some members from the NSE hand in glove with them? Have some market brokers been given preferential treatment during her tenure?
Speaking on the issue, former executive director of SEBI RS Loona told India Legal that SEBI held Ramkrishna liable for passing on sensitive and confidential information to outsiders, which is not in accordance with its regulations. Commenting on why SEBI took six years in the disposal of the proceedings, Loona said investigations may be slightly longer, but not unusual as there are many cases where SEBI has taken more time. "It could have been better to proceed further as SEBI was not able to establish the identity of the Himalayan guru," he said.
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