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I-T raids premises of ex-NSE MD
I-T raids premises of ex-NSE MD
The Income Tax (I-T) department on Thursday raided the premises of former NSE MD and CEO Chitra Ramakrishna and group operating officer Anand Subramanian in Mumbai as part of a tax evasion investigation against them, official sources said.
New Delhi/Mumbai: The Income Tax (I-T) department on Thursday raided the premises of former NSE MD and CEO Chitra Ramakrishna and group operating officer Anand Subramanian in Mumbai as part of a tax evasion investigation against them, official sources said.
The searches are aimed to check and gather evidence on the charges of financial irregularities and alleged tax evasion against the two, they said.
The premises of Ramakrishna and Subramanian were raided by officials of the Mumbai investigation wing of the Income Tax department early morning.
Ramakrishna, hit the headlines after a recent (Securities and Exchange Board of India) SEBI order, said she was steered by a yogi, dwelling in the Himalayan ranges, in the appointment of Anand Subramanian as the exchange's group operating officer and advisor to the Managing Director (MD). SEBI charged Ramakrishna and others for alleged governance lapses in the appointment of Subramanian as the chief strategic advisor and his re-designation as group operating officer and advisor to MD.
SEBI levied a fine of Rs 3 crore on Ramakrishna, Rs 2 crore each on the National Stock Exchange (NSE), Subramanian, former NSE MD and CEO Ravi Narain, and Rs 6 lakh on V R Narasimhan, who was the chief regulatory officer and compliance officer.
The SEBI order added that Ramakrishna shared certain internal confidential information, including financial and business plans of NSE, dividend scenario and financial results, with the yogi and even consulted him over the performance appraisals of the exchange's employees.
Ramakrishna was the Managing Director and Chief Executive Officer of NSE from April 2013 to December 2016.
The regulator noted in its order that she refused to reveal the identity of the unknown person and sought to claim that the unknown person is a spiritual force.
Ramakrishna and Subramanian have been restrained from associating with any market infrastructure institution or any intermediary registered with Sebi for three years, while the same for Narain is two years.
SEBI also directed NSE to forfeit the excess leave encashment of Rs 1.54 crore and the deferred bonus of Rs 2.83 crore, of Ramakrishna. In addition, SEBI barred NSE from launching any new product for six months.
