The Stunning Fall Of Former NSE Chief Chitra Ramkrishna

During her tenure as MD and CEO of NSE from April 2013 to December 2016, it has been alleged that Ramkrishna had shared confidential information of NSE with a Himalayan yogi and opted for his advice

Chitra Ramkrishna claimed that her spiritual guru guided her on personal and professional matters for over 20 years, though she had never met him in person. Image: Getty

New Delhi: Quite a fall from grace. Chitra Ramkrishna, the former managing director (MD) and chief executive officer (CEO) of National Stock Exchange (NSE) who was once hailed as the ‘queen of the bourses’ by the market, has now been charged with serious financial irregularities.

During her tenure as MD and CEO of NSE from April 2013 to December 2016, it has been alleged that Chitra Ramkrishna had shared confidential information of NSE with a mysterious Himalayan yogi and opted for his advice on vital decisions.

The Securities and Exchange Board of India (Sebi) in its order stated that Ramkrishna shared information, including the NSE’s financial projections, business plans, and board agenda with the spiritual guru living in the Himalayas.

The market regulator last week slapped a penalty of Rs 3 crore on Ramkrishna and her associates, simultaneously restraining her from associating with any market infrastructure institution or any intermediary registered with the Sebi for a period of three years.

The sensational news came to light after the Sebi issued an order last Friday charging Chitra Ramkrishna and others in a matter of governance lapses in the appointment of Anand Subramanian as chief strategic advisor and his re-designation as group operating officer and advisor to MD.

The Sebi said the ‘spiritual guru’ of Ramkrishna took interest in her hairstyle, shared songs with her, and even went on a vacation with her to Seychelles to ‘chill’ out. However, this was contradictory to Ramkrishna’s statement given to the Sebi.

59-year-old Ramkrishna claimed that her spiritual guru is a ‘siddha purusha’ or ‘paramhansa’ who did not have a physical persona and could materialise at his will. She said that the Himalayan yogi guided her on personal and professional matters for over 20 years, though she had never met him in person.

Based on the e-mail correspondences between the unknown yogi and Ramkrishna, and statement before the Sebi that the unknown person and Ramkrishna had met several times in 2015.

Ramkrishna, however, refused to reveal his identity and claimed that the unknown person is a spiritual and guiding force in her life.

Meanwhile on Thursday, the I-T department conducted raids on the premises of Ramkrishna in Mumbai and Chennai and group operating officer Anand Subramanian in Mumbai in connection with a tax evasion case.

In a report by Business Standard said that the Sebi alleged Ramkrishna and her advisor Anand Subramanian ran a money-making scheme during their stint at NSE.

According to recent reports, Ramkrishna started her career as a chartered accountant with the Industrial Development Bank of India (IDBI) in the 1980s. Then she made headway into becoming one of the key persons who set up the NSE, an alternative to the BSE, after the Harshad Mehta scam and as part of the government’s efforts to ensure transparency in trading. 

According to Moneycontrol, which quoted an NSE source, Ramkrishna appeared to be a polite, smiling, and simple woman, but those who knew her well, knew that she could also be shrewd and resourceful. It was also revealed that she had major links with Delhi. The source said that Ramkrishna would come to know if someone from the NSE’s top management visited the power corridors of Delhi.

Ramkrishna is the third woman to head an exchange in the Asia-Pacific region after Sri Lanka’s Colombo Stock Exchange and China’s Shenzhen Stock Exchange, and had been part of NSE’s explosive growth since its inception.

There are several awards in her kitty too. Chitra Ramkrishna was also named Forbes’ ‘Woman Leader of the Year’ in 2013 and was named chairperson of the Board of World Federation of Exchanges, a global industry association for exchanges and clearing houses, in 2016.