CBI arrests Anand Subramaniam, former chief Operating Officer of NSE who was given exorbitant salary based on the recommendations of a mysterious Yogi by then NSE chief Chitra Ramakrishna.
When will the invisible and faceless Yogi at the National Stock
Never before in the history of Indian Corporate industry been told a fairy tale story where a Yogi in the Himalayas gave directions on financial matters, used emails and ordered recruitments at India’s largest stock exchange but did not have a physical form..
The SEBI report claimed, “By August 2015, Subramanian was attending all board meetings of the NSE.
In June 2016, he was authorised to form a subsidiary of NSE to set up a stock exchange at the International Financial Services Centre at GIFT City that is Prime Minister Narendra Modi’s pet project which is being implemented with a lot of fanfare.
Soon all the functional heads were reporting to Subramanian who was re-designated as group operating officer and advisor to the MD and CEO.
The current nvestigation holds that several highly placed people at the bourse including Ravi Narain Ramkrishna’s predecessor were aware of this mysterious Yogi or Baba and his communications with the NSE boss.
Narain was MD of the bourse from April 1994 to March 2013. Later, he became the vice-chairman of NSE and remained in that position till June 2017.
They took a “conscious decision not to report the matter to Sebi and (chose to)…keep the matter under wraps.”
The market regulator has imposed a fine of Rs. 3 crore on Ramkrishna, Rs. 2 crore each on NSE, Ravi Narain and Subramanian, and Rs. 6 lakh on V.R. Narasimhan.
But this actions is too little for the amount of scam they have indulged in then name of instructions from no were seen Yogi
Prof Gourav Vallabh, spokesperson of the Congress, posed the following questions on the simmering controversy:
What was SEBI doing from 2016 on Chitra Ramkrishna’s shenanigans when scandalous facts were first reported
Why was the case not transferred to CBI, SFIO, ED and IT for investigation in the last six years
Since 2015 when co-location and algo trading scam was reported in NSE, what is the action initiated by Finance Ministry and SEBI against NSE
Why did Sebi ask NSE to undertake a forensic audit instead of carrying out the investigation itself
Why can’t the IP address of this unidentified Himalayan yogi can be traced and disclosed
Vallabh, while addressing the media, claimed that he had details of people who had bought shares of the NSE in the last seven years.
The share value, he claimed, would go up hugely the day NSE issues a public offering.
The spartan details in the SEBI inquiry report raises more questions than answers.
And since neither the Prime Minister nor the Finance Minister is willing to speak up on the issue, shouldn’t the regulator come up with a White Paper ..