It was a chance discovery. In 2015, India’s market regulator, the Securities and Exchange Board of India, started an investigation into a whistleblower’s complaint about a few traders being given preferential access to the National Stock Exchange’s servers and co-location facilities. This access had given them a huge advantage over other brokers and traders in the time-sensitive trading. During this investigation, however, SEBI stumbled upon a far bigger conspiracy in the country’s largest stock exchange.
Chitra Ramkrishna, managing director and chief executive of the NSE between 2013 and 2016, apparently, had been sharing confidential information to a mysterious Himalayan yogi and seeking advice from him for making professional decisions. She appointed Anand Subramanian, an executive who had little relevant experience, as her adviser. While all these happened, the NSE board and public interest directors look away.
The NSE was incorporated in 1992 and commenced its operations in 1994, as a response to the Harshad Mehta scam at the Bombay Stock Exchange in 1992. Mehta, a share broker, manipulated the prices of several stocks by illegally obtaining money using fake bank receipts. Eventually markets crashed and investors lost crores of rupees. That was a time when stocks were bought and sold on a trading floor where brokers gathered and traded using hand signals and by shouting across the room.
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Bu hikaye THE WEEK dergisinin March 06, 2022 sayısından alınmıştır.
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Themes Of Choice
As Savvy Investors Seek New Avenues, Thematic Mutual Funds Are Gaining Popularity
A golden girl
One of India's most formidable beauties passed away earlier this month. The odd thing is she would absolutely hate this obituary; she hated being written about and avoided publicity for all of her nine decades. Indira Aswani was 93 when she died. But anyone who encountered her, even briefly, was in such awe of her grace and poise, and one could not but remember her forever.
The interest in wine is growing delightfully in India
The renowned British wine writer and television presenter Jancis Robinson, 74, recently came to Delhi and Mumbai to reacquaint herself with India's wine industry. This was the Robinson's fourth visit to India; the last one was seven years ago. On this trip, Robinson and her husband, restaurateur Nicholas Lander, were hosted by the Taj Hotels and Sonal Holland, India's only Master of Wine.
United in the states
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COVER DRIVE
Usage-driven motor insurance policies offer several benefits
GDP as the only measure of progress is illogical
Dasho Karma Ura, one of the world's leading happiness experts, has guided Bhutan's unique gross national happiness (GNH) project. He uses empirical data to show that money cannot buy happiness in all circumstances, rather it is family and health that have the strongest positive effect on happiness. Excerpts from an interview:
India is not a controlling big brother
Prime Minister Tshering Tobgay considers India a benevolent elder sibling as the \"big brotherly attitude\" is happily missing from bilateral ties. He thinks the relationship shared by the two countries has become a model of friendship not just for the region, but for the entire world. \"India's attitude is definitely not of a big brother who is controlling and does not allow the little brother to blossom and grow,\" says Tobgay in an exclusive interview with THE WEEK.
Comrade with no foes
Lal Salaam, Comrade Yechury-you were quite a guy!
Pinning down saffron
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MAKE IN MANIPUR
Home-made rockets and weapons from across the border are escalating the conflict