NSE Scam: Former chairman of the National Stock Exchange, Ashok Chawla, sent a report to SEBI in 2018 on the basis of forensic audit conducted by the consulting firm EY. It was told in the letter that the “mysterious yogi” of NSE scam is Anand Subramanian. Giving this information to Moneycontrol, Ashok Chawla said that despite this, no agency contacted him in the ongoing investigation in the case.
The letter was based on forensic audit
Chawla told Moneycontrol over phone, “I am not aware of any agency contacting me (for enquiries). My letter was based on the forensic audit of EY.”
However, according to sources associated with the central probe agency CBI, Chawla is likely to be called soon by the agency for questioning in the NSE case.
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The matter pertains to the links of former NSE CEO Chitra Ramakrishna with the ‘Yogi of the Himalayas’ and the possible impact on the functioning of the NSE. Moneycontrol could not get in touch with the CBI for comments on the matter.
Chawla became chairman after Ramakrishna’s resignation
Chawla served as the chairman of NSE between May 2016 and January 2019 and oversaw the NSE crisis involving rigging of trading systems following the resignation of Chitra Ramakrishna. Ramakrishna had resigned “for personal reasons”. After that, Chawla wrote a letter to SEBI in 2018, describing Subramanian as a ‘mysterious yogi’. Subramanian was a petty employee and a foreman in a Chennai-based logistics company. He was appointed Group Operating Officer of NSE by Ramakrishna.
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During the investigation, Ramakrishna admitted that she used to take guidance from Yogi often, but she herself had taken decisions related to the functioning of the NSE. At present, the actual facts related to this case are being investigated to know whether the financial details and business plans of NSE were shared with anyone for misuse.
Chawla resigned in January 2019
It is certain that the alleged irregularities involving Ramakrishna and Subramanian took place between 2013 and 2016 before Chawla took over as NSE chairman.
Chawla had resigned as chairman in January 2019 after the Center allowed the prosecution of five accused, including Chawla, in the Aircel-Maxis case. Chawla was named in the chargesheet filed by the CBI in the Aircel-Maxis case in July 2019.
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