By Sanjeev Sharma
New Delhi, Feb 19 : It is the unknown person, now referred to as the “Himalayan yogi” who was running the National Stock Exchange (NSE) and the then MD and CEO Chitra Ramakrishna was ‘was merely a puppet in his hands’.
From the email dated December 4, 2015 of the unknown person to Ramakrishna, the unknown person has stated that “Kanchan is the straw and I will be the suction force for this and you will vomit all that is required as always”.
A SEBI investigation found that from the same, it is evident that Ramakrishna had abdicated all her powers to the unknown person and was playing in the hands of an unknown person through the instrumentality of Anand Subramanian.
This is further evident from the email dated October 8, 2015 from Ramakrishna to the unknown person, wherein she states that “Company is running only because of THY Grace and my G’s blessings, Swami”.
This clearly shows that it is the unknown person who was running NSE and Ramakrishna was merely a puppet in his hands, the SEBI has found.
Even after SEBI had sent the complaints filed against Ramakrishna to NSE, she was still seeking guidance and directions from the unknown person.
The E&Y Report dated July 5, 2018, submitted by NSE had observed that “We observed select emails which may be confidential information pertaining to NSE being shared by Chitra and Subbu with Rigyajursama.Such information included those pertaining to NSE 5 year financial projections, dividend pay-out ratio, NSE’s business plans, agenda of NSE’s board meeting and consultations over the ratings/performance appraisals of NSE employees.”Hence, it is clear that confidential information including those pertaining to NSE 5 year financial projections, dividend pay-out ratio, NSE’s business plans, agenda of NSE’s board meeting and consultations over the ratings/performance appraisals of NSE employees has been shared by Ramakrishna with the unknown person, the impact of which could be unimaginably wide and still at large and detrimental for NSE if not the securities market, the probe found.Ramakrishna has not just sought advice but has acted upon the advice given by the unknown person which is evident from delegation of powers, designation and increase in compensation paid to Subramanian itself, which were all advised by the unknown person.(Sanjeev Sharma can be reached at Sanjeev.s@ians.in)
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The E&Y Report dated July 5 of 2018, as submitted by NSE had noted that “We were able to observe certain emails that may contain confidential information related to NSE being shared by Chitra and Subbu with Rigyajursama.These emails included information pertaining to NSE five-year projections for financials, dividend payout ratio NSE’s business plans and agenda of NSE’s board meetings and consultations on the appraisals of ratings and performance of NSE employees.”Hence it is evident that all confidential information, including the ones pertaining to NSE 5 year financial projections, dividend payment ratio and NSE’s business plans agenda of NSE’s board meeting , and consultations regarding the appraisals and ratings of NSE employees was given by Ramakrishna with the unidentified person, the implications of that could be incredibly broad and is still at a high level and damaging to NSE as well as the financial market, the investigation found.Ramakrishna has not only sought advice, but has also acted upon the advice of the unknown person .This is evident from the delegation of powers, designations and an the increase in the amount of compensation given to Subramanian himself, all of which were provided by the unidentified source.(Sanjeev Sharma can be reached at Sanjeev.s@ians.in)
