Chitra Ramkrishna, former CEO of the NSE

In a tax evasion investigation, the I-T department raids former NSE MD Chitra Ramkrishna.

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The Income Tax Department searched the Mumbai offices of former NSE MD and CEO Chitra Ramkrishna and group operating officer Anand Subramanian on Thursday as part of a tax evasion inquiry, according to official sources.

The searches are intended to check and gather evidence on the two’s claims of financial irregularities and alleged tax evasion, according to the authorities.

Early in the morning, authorities from the Income Tax department’s Mumbai investigation section raided Ramkrishna and Subramanian’s offices.

Ramkrishna made news after a recent Sebi order said that she was guided in the hiring of Anand Subramanian as the exchange’s group operational officer and advisor to the managing director by a yogi living in the Himalayan ranges (MD).

The Securities and Exchange Board of India charged Ramkrishna and others with alleged governance failures in Subramanian’s appointment as chief strategy advisor and his re-designation as group operating officer and MD advisor.

Sebi fined Ramkrishna Rs 3 crore, the National Stock Exchange (NSE), Subramanian, former NSE MD and CEO Ravi Narain, and V R Narasimhan, who was the chief regulatory officer and compliance officer, Rs 2 crore apiece.

According to the Sebi ruling, Ramkrishna disclosed certain internal secret information with the yogi, including NSE financial and business goals, dividend scenario, and financial outcomes, and even advised him on employee performance reviews.

From April 2013 to December 2016, Ramkrishna served as NSE’s managing director (MD) and chief executive officer (CEO).

In its order, the regulator stated that she refused to identify the identity of the unknown person and attempted to pretend that the unknown person is a spiritual force.

Ramkrishna and Subramanian have been barred from associating with any Sebi-registered market infrastructure institution or intermediary for three years, while Narain has been barred for two years.

Sebi also ordered NSE to forfeit Ramkrishna’s excess leave encashment of Rs 1.54 crore and his delayed bonus of Rs 2.83 crore.

Furthermore, Sebi restricted NSE from launching any new products for a period of six months.

Following these discoveries, the Congress party urged that the government provide a white paper on the NSE’s operation.

“The finance ministry and the prime minister should issue a white paper on the state of affairs at the National Stock Exchange, as well as the shocking activities of a ‘invisible Baba’ who was dictating terms to the exchange’s former CEO,” Congress spokesperson Gourav Vallabh told reporters two days ago.

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