News By/Courtesy: Sindhu S | 18 Feb 2022 21:19pm IST


  • Complaints were filed against Chitra Ramakrishna against arbitrary appointment of Anand Subramanian
  • SEBI on 11th February 2022 ordered Chitra Ramakrishna and Anand Subramanian to pay penalty for the offences committed by them
  • In lieu of order given by SEBI, IT officials conducted Raid on Chitra Ramakrishna and Anand Subramanian premises for tax evasion

Tax raid at National Stock Exchange (NSE) EX Directors House

Securities and Exchange Board of India (SEBI) after following due process of law gave the order on the ongoing case against Chitra Ramakrishna on 11th February 2022. Instead of SEBI order income tax officials conducted a raid in the premises of Chitra Ramakrishna (EX Chief Executive Officer and Managing Director of NSE) in Mumbai and Chennai. Income Tax Officials also conducted a raid in the premises of Anand Subramanian (former Group Operating officer and Advisor to NSE).

Facts and Background of the Case:

  1. SEBI received certain complaints dated December 15 2015, May 25 2016, and November 11 2016 against NSE, Chitra Ramakrishnan alleging governance issues in the appointment of Anand Subramanian.

THE COMPLAINANTS alleged that:

  1. The appointment of Anand Subramanian was arbitrary and not in compliance with NSE policies.  Chitra Ramakrishnan misused the power delegated by NSE Board. As the employee details were not given to HR Department, nor there was an announcement for the post and he was directly hired by Chitra Ramakrishnan without any interview
  2. Chitra Ramakrishnan indulged in financial misdeed relating to fixation and frequent revision of compensation of Anand Subramanian in an arbitrary manner and at multiple times. Raised compensation to Anand Subramanian at an unequal rate of payment of rupees 4 crores when compared to other senior officials at NSE.
  3. Chitra Ramakrishnan has made incorrect and misleading submissions before SEBI on the appointment and selection of Anand Subramanian
  4. Chitra Ramakrishnan continuously shared internal confidential information of NSE with the unknown person and allowed her decisions on various aspects of the functioning of the stock exchange to be influenced by the unknown person.
  5. Chitra Ramakrishnan has made incorrect and misleading submissions before NSE with that the unknown person was “Siddha-Purusha” or “Paramahamsa” who did not have a physical persona and could materialise at will.

On February 11 2022 SEBI ordered Chitra Ramakrishnan and Anand Subramanian to pay rupees 3 crore and 2 crore rupees as a penalty within 45 days and ordered NSE to forfeit Chitra Ramakrishnan excess leave encashment 1.54 crore and a deferred bonus of 2.38 crore to deposit in investor protection fund Trust within 60 days.

Even after declaring the penalties, the identity of Yogi was not revealed hence the research operations were conducted by IT officials to know more about Yogi.

The purpose of the Raid was to gather more evidence and information to identify the mysterious Yogi who has the confidential information of SEBI and NSE.  During the SEBI investigation, Chitra Ramakrishnan said she was asking for suggestions for staff appraisal from this yogi and she appointed Anand Subramanian as Group Operating Officer by the guidance of this yogi.

Chitra Ramakrishnan had a close relationship with Yogi for 20 years and in the process of asking suggestions to her career and life, she has disclosed confidential information about SEBI and NSE. In the SEBI trial, she did not disclose the identity of the YOGI and she said she did not meet yogi in person yet hence the IT raid was essential to gather more evidence and information about this mysterious person.

While searching Chitra Ramakrishna premises IT officials have found the emails exchanged between Chitra Ramakrishna and the mysterious person YOGI.  And the emails were pieces of the puzzle as both of them have used keywords in the emails exchanged between them.  One such content of the mail was “keep bags ready I am planning to travel to Seychelles next month, will try if u can come with me before Kanchan goes to London with Kanchana and Bhargava and you to New Zealand with two children. ‘HK is a preferred transit or Singapore for onward journey.’ In case you need help, please let me know Seshu will do the needful.”

Chitra Ramakrishna has only one daughter but in the mail, there was a mention of two children and why will the couple go to London on yogi’s advice and with whose children Chitra Ramakrishnan will go to New Zealand so IT officials believe that these are the keyword used to hide the travel details and other sensitive information and they were trying to deposit the black money in Seychelles.

As the investigation is still in the process we might expect a clear answer for all these questions once the yogi’s identity is exposed after the completion of the investigation by CBI and IT officials.


Section Editor: KADAM HANS | 19 Feb 2022 11:01am IST

Tags : #incometaxraid #taxevasion #NSE #SEBI #chitraramakrishna #anandsubramanian #CBI #incometax #blackmoney

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