Income Tax sleuths conduct raid at Ex-NSE chief’s residence

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Now, the I-T department is scanning various transactions and digital records. They have also recorded the statements of a few of her employees….reports Asian Lite News

The Income Tax department on Thursday conducted a search operation at the residence of Chitra Ramakrishna, the former Managing Director and Chief Executive Officer of National Stock Exchange (NSE).

Recently, SEBI had imposed a fine of Rs 3 crore on Ramakrishna. She had said a sage, who lives in Himalayas, was giving her direction and had also sent her mails regarding the NSE.

She quit the SEBI in December 2016.

She is alleged to have shared important information with the Yogi. “Information regarding organisational structure, dividend scenario, financial results, human resource policies and related issues, response to regulator, etc., were shared by her with Yogi,” said the source. Between 2014 and 2016 she sent emails at rigyajursama@outlook.com.

It was learnt that this Yogi was Subramanian, who was brought to NSE by Ramakrishna. He had access to the email ID on which the emails were sent.

Subramanian had been the Chief Strategic Advisor of NSE. He served there at this post between 2013 and 2015. He was given a post of Group Operating official and advisor to MD. He discharged his duty on this post between 2015 and 2016.

Subramanian, who had previously been working as a mid-level manager in Balmer and Lawrie, had no exposure to the capital market. His salary was increased from Rs 15 lakh per annum to Rs 1.68 crore yearly. Later in 2017 his salary was increased to Rs 4.21 crore yearly. It was a massive salary hike which he was given at the NSE.

Now, the I-T department is scanning various transactions and digital records. They have also recorded the statements of a few of her employees.

The raid was going on when this report was filed.

The Income Tax department on Thursday conducted a search operation at the residence of Chitra Ramakrishna, the former Managing Director and Chief Executive Officer of National Stock Exchange (NSE).

Recently, SEBI had imposed a fine of Rs 3 crore on Ramakrishna. She had said a sage, who lives in Himalayas, was giving her direction and had also sent her mails regarding the NSE.

She quit the SEBI in December 2016.

She is alleged to have shared important information with the Yogi. “Information regarding organisational structure, dividend scenario, financial results, human resource policies and related issues, response to regulator, etc., were shared by her with Yogi,” said the source. Between 2014 and 2016 she sent emails at rigyajursama@outlook.com.

It was learnt that this Yogi was Subramanian, who was brought to NSE by Ramakrishna. He had access to the email ID on which the emails were sent.

Subramanian had been the Chief Strategic Advisor of NSE. He served there at this post between 2013 and 2015. He was given a post of Group Operating official and advisor to MD. He discharged his duty on this post between 2015 and 2016.

Subramanian, who had previously been working as a mid-level manager in Balmer and Lawrie, had no exposure to the capital market. His salary was increased from Rs 15 lakh per annum to Rs 1.68 crore yearly. Later in 2017 his salary was increased to Rs 4.21 crore yearly. It was a massive salary hike which he was given at the NSE.

Now, the I-T department is scanning various transactions and digital records. They have also recorded the statements of a few of her employees.

The raid was going on when this report was filed.

Congress slams govt

The Congress has attacked the government questioning the silence of the Finance Minister on the issue of an alleged ghost baba giving directions to Chitra Ramkrishna, the former CEO and MD of the NSE.

“The NSE is India’s largest stock exchange with a combined market capitalisation of close to $4 trillion (Rs 303 lakh crore), and was guided by a BABA residing in the Himalayas. BABA was appointing KMP’s (Key Managerial Personnel), fixing salary and increments of executives of the NSE. Not only this, BABA was also deciding and appointing Public Interest Directors. Operating Margin of NSE was at 70 per cent (which is abnormal),” the Congress said.

Addressing a press conference, Congress spokesperson Gaurav Vallabh said, “The probe found that Ramkrishna ran NSE with impunity. No one from the senior management, board, or the promoters, which include big government institutions and banks, ever objected to her ways. Instead, Ramkrishna was given Rs 44 crore as pending dues and salary when she left NSE.”

Vallabh questioned the silence of the Prime Minister and the Finance Minister on India’s biggest financial scam of all time. “Why an IP address of emails sent by BABA can’t be traced till now? The entire world is laughing at us that a country known as the Tech powerhouse of the world can’t trace a BABA who is sending emails from an IP Address,” he said.

The party asked who all had invested in NSE in the last 7.5 years, complete details of the holding, price of acquisition, and date of investment should be made public. The NSE is planning for an IPO and immediately after an IPO, value of investment made in the last 7.5 years will increase by 10 times.

“What was SEBI doing from 2016 on Chitra Ramakrishna shenanigans when scandalous facts were reported? When SEBI is not having any expertise on search and seizure, why the case was not transferred to the CBI, SFIO, ED and IT for investigation in the last 6 years. Who is stopping SEBI from doing the same?” he asked.

The party asked since 2015 when co-location and algo trading scam was reported, what action was initiated by the Finance Ministry and SEBI against the NSE and alleged that instead of investigating co-location and algo trading scam on its own, asked NSE to undertake a forensic audit.

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