The ruling party at the Centre -- Bharatiya Janata Party (BJP) – believes that the former MD and CEO of NSE Chitra Ramkrishna’s Himalayan Yogi story has been cooked up “to protect the bosses under whose control from the North Block during 2011-13 she was operating”.
North Block is where the finance ministry is based.
Gopal Krishna Agarwal, national BJP spokesperson, Economic Affairs, told TNIE that the episode of NSE involving MD Chitra Ramakrishna shows how during UPA regime financial markets were manipulated by people in power.
He, however, says that the market regulator – Securities and Exchange Board of India (SEBI) -- is well empowered to take actions on the matter and will take them appropriately.
“The guilty will be punished however highly placed he had been. Institutions are always the above individuals and NSE is one of the leading exchanges across the globe. We have full faith in NSE as an institution,” says Agarwal.
In a recent order, the market regulator has found the former MD and CEO of NSE involved in the abuse of power of position.
The market regulator has, accordingly, barred her from associating with any market infrastructure institution or any intermediary registered with SEBI for a period of three years. The market regulator has also levied a penalty of Rs 3 crore on her.
The most intriguing findings of the Sebi investigation into the Chitra Ramkrishna episode is the fact that she was sharing internal confidential information of NSE with unknown Himalayan Yogi.
There have been speculations on who the Himalayan Yogi could be, some even hinting at a former minister in the UPA government.
After the Sebi order, the income tax department raided the residence of Chitra Ramkrishna as well as her associate Anand Subramanian, who was group operating officer and advisor to the MD.
The CBI also began questioning her on Friday as part of the ongoing investigation into the NSE co-location scam.