CBI arrests former NSE MD Chitra Ramkrishna
The Central Bureau of Investigation (CBI) on Sunday arrested the former Managing Director of the National Stock Exchange (NSE), Chitra Ramkrishna, in a case registered in May 2018, to probe the alleged abuse of the exchange’s garçon armature for granting preferential access of request data to a stock broker, ahead of others.
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| Chitra Ramkrishna |
The development came days after former NSE Group Operating Officer, Anand Subramanian, was arrested by the agency in the same case.Ms. Ramkrishna, who worked with the exchange from the early 1990s, was its Managing Director and Chief Executive Officer from April 2013 to December 2016. Further apprehensions are likely soon in the case.
On February 11, the Securities and Exchange Board of India (SEBI) had levied penalties onMs. Ramkrishna,Mr. Subramanian, and former NSE MD Ravi Narain on account of multiple violations, including irregularities inMr. Subramanian’s appointment as a Chief Strategic Advisor and hisre-designation as the Group Operating Officer and Advisor to the also NSE MD.
Latterly, the Income- Duty Department had also conducted quests on the demesne ofMs. Ramkrishna andMr. Subramanian in Mumbai and Chennai, while the CBI issued “ look out” leaflets against the two andMr. Narain, following which their statements were recorded by the agency.
As contended, the CBI arrestedMr. Subramanian as he didn't cooperate in the inquiry and refused to discover the real identity of the “ Himalayan yogi” with whom he andMs. Ramkrishna had participated internal nonpublic documents of the exchange during the check period. He was in the agency’s guardianship till Sunday. The agency plant that he'd allegedly created the dispatch account,rigyajursama@outlook.com, which was purportedly used by the unknown person to communicate with the two.
Did NSE give preferential access to some brokers?
According to the SEBI order,Mr. Subramanian knew the said yogi and he was a major devisee of the person’s purported recommendations toMs. Ramkrishna. Prior to his appointment at the NSE, he also knew her. His woman worked as the indigenous head of the NSE in Chennai. In January 2013, he was offered ₹1.68 crore for the post of Chief Strategic Advisor, when his last drawn payment was ₹ 15 lakh. He entered supplements in quick race and his compensation had shot up to about ₹ 5 crore by 2016.
The CBI case is against Delhi- grounded OPG Securities and others, including unknown officers of the SEBI and the NSE. It's contended that the company’s top functionaries exploited certain loopholes in the exchange’s garçon structure and also conspired with the NSE data centre’s staff to gain preferential access to the request feed.
NEW DELHI A day after her anticipant bail operation was rejected by the court, the CBI on Sunday arrested Chitra Ramkrishna, the former MD and CEO of National Stock Exchange, in theco-location fiddle.
