The Securities and Exchange Board of India (SEBI), capital market regulator, has restrained former Managing Directors & CEOs of the NSE, Chitra Ramkrishna and Ravi Narain from associating with any market infrastructure institution (MII) or any intermediary registered with SEBI
This ban is applicable for a period of three years and two years respectively for violating securities contract rules in a case related to the appointment of Anand Subramanian as group operating officer and advisor to MD.
It was found on Feb 2022 that for the past 20 years Chitra was acting upon advise from a faceless Voice from a Yogi from Himalaya regarding the most important decisions and has also leaked key business secrets pertaining to Day to day operation to that Invisible corrupt mysterious person.
After this news market found crashed on Monday valentine day in feb 2022
Additionally, the National Stock Exchange has also been barred from launching any new product for six months, Ananta Barua, Whole Time Member, SEBI, said in an exhaustive 190-page late night order.
SEBI has also levied a fine of ₹3 crore on Chitra Ramkrishna, ₹2 crore each on the NSE, Narain and Subramanian while ₹6 lakh was imposed on VR Narasimhan, who was the chief regulatory officer and chief compliance officer.
Also, SEBI has directed the NSE to forfeit the excess leave encashment of Rs 1.54 crore and the deferred bonus of ₹2.83 crore, of Ramkrishna, which was retained by the exchange and deposit the same to its Investor Protection Fund Trust within six days.
Anand Subramanian has also been barred to associate with any MII for three years.
Chitra Ramkrishna was MD and CEO of NSE from April 2013 to December 2016, Narain was the MD and CEO of the exchange from April 1994 till March 2013.
Thereafter, he was appointed as vice-chairman in the non-executive category on the NSE’s board from April 2013 and remained so till June 2017.
The notices are directed to pay their respective penalties within a period of 45 days, said SEBI.
It should be noted during may 2019 following the order from market regulator SEBI in the NSE algo scam,
Ravi Narain, former managing director and chief executive (CEO) and later vice chairman of the Exchange, has resigned from the board of directors of two listed companies: automaker Escorts Ltd and agro-chemical company PI Industries Ltd.
