Can a person sitting on the snow-capped Himalayas run India’s largest stock exchange throughout the year? We are not discussing any fictional story or plot of the novel. We are referring to the results of the SEBI investigation. SEBI, which is the regulator of stock and commodity markets in India. On which the responsibility of protecting the interests of about 8 crore investors of India.
SEBI has said in its order, “A Siddha Purush or Yogi, mostly living on the Himalayas, guided Chitra Ramakrishna for 20 years.” Chitra Ramakrishna is the former MD and CEO of the country’s largest stock exchange (NSE). It has also been found in the SEBI investigation that this anonymous yogi was also involved in the high profile appointment of Anand Subramanian. Subramanian was appointed operating officer of NSE Group and advisor to Chitra Ramakrishna. The funny thing is that no one in the investment world knows Subramanian.
SEBI has taken major action on Friday in the appointment case of Anand Subramanian. It has found some persons, including Chitra Ramakrishna and Ravi Narayan, guilty of breach of security contract rules. Ramakrishna has been fined Rs 3 crore, Rs 2 crore each on NSE, Narayan and Subraman and Rs 6 lakh on VR Narasimhan. Narasimhan was the Chief Regulatory Officer and Chief Compliance Officer of NSE.
“According to Ramakrishna, this anonymous person was a spiritual force. He could appear wherever he wanted. He had no definite address and whereabouts. He lived mostly in the Himalayan mountains,” SEBI said in its order.
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SEBI has also said that Subramanian was the accomplice of this yogi, who used to influence Ramakrishna in taking important decisions. Because of this, the post of Group Operating Officer and Advisor to MD was completely suitable for him. This order of SEBI is signed by its whole-time member Anant Barua. It has also been said in the order that on the orders of Yogi, Subramanian was paid a hefty amount every year.
On the other hand, Subramanian had confessed in his statement dated September 12, 2018 that he had known the anonymous yogi for the last 22 years. SEBI has said that for Subramanian, at least Rs 5 crore used to go out of the treasury of NSE every year. Ramakrishna was completely dependent on Subramanian and would not have taken any major decision without him.
According to the order of SEBI, Ramakrishna had leaked important information related to SEBI, decisions, policies related to employees and structure of the organization to that Yogi. This information was leaked during the years 2014 to 2016. The email used for this has also been disclosed by SEBI.
SEBI, in its investigation, has not disclosed the extent of damage caused to NSE by this scam. It also did not say whether certain individuals had made money from this scam by participating in trading of shares on the country’s largest exchange. Did this scam affect crores of investors in the country? Whose email account belonged to the so-called Yogi? Had SEBI answered these questions also in its investigation report, people would have had faith in its investigation and the way the country’s largest exchange operates.
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