I-T raids on NSE ex-MD Chitra Ramkrishnas properties in Mumbai
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Ramkrishna, who was the MD and CEO of NSE from April 2013 to December 2016, will also forfeit the leave encashment and deferred bonus that she received from the NSE

I-T raids on NSE ex-MD Chitra Ramkrishna's properties in Mumbai

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The Income Tax Department raided premises linked to former NSE MD and CEO Chitra Ramkrishna in Mumbai, as part of a tax evasion investigation against her and others on Thursday.

Ramkrishna is in the news, after a recent SEBI order said that she was steered by a ‘yogi’, dwelling in the Himalayan ranges, in the appointment of Anand Subramanian as the exchanges group operating officer and advisor to the managing director (MD).

Officials said that the searches are aimed to check charges of tax evasion and financial irregularities against Ramkrishna and others.

Apart from this, Ramkrishna had 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 exchanges employees.

SEBI has slapped penalties on the NSE, Ramkrishna, and others. While Ramkrishna has been told to pay ₹3 crore, the NSE, Ramkrishna’s predecessor Ravi Narain and Subramanian have to pay ₹2 crore each within 45 days.

Also read: Himalayan blunder: All you need to know about a yogi running the NSE

VR Narasimhan, who was then the Chief Regulatory Officer and Chief Compliance Officer, has been directed to pay ₹6 lakh. The NSE has been barred from launching any new product for six months.

Ramkrishna, who was the MD and CEO of NSE from April 2013 to December 2016, will also forfeit the leave encashment and deferred bonus that she received from the NSE.

Further, Ramkrishna and Subramanian have been restrained from associating themselves with any markets-related institution or SEBI-registered intermediary in any capacity for three years. Narain faces a similar order effective for two years.

(With inputs from Agencies)

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