‘Queen’ of trading and guru mystery engulfs Indian market in scandal (PI)

When it comes to the National Stock Exchange of India (NSE), Chitra Ramkrishna is a monument. As a founding member of the exchange, she contributed significantly to developing NSE into one of the world’s largest derivatives exchanges, opening up opportunities to enter the market for the middle class. Traffic is booming in this South Asian country. She is also the first woman in history to hold the top leadership position of the NSE. In 2016, she resigned with numerous accolades for her “great contributions”.

But the illustrious reputation of the “stock market woman”, along with a trading empire worth billions of dollars, faced a huge test in February. Indian authorities have reported forced Ramkrishna to commit many crimes from tax evasion, to, more strangely, sharing secret information for many years with a mysterious figure living in the mountainous areas of this billion-populated nation.

With the investigation still ongoing, Indian financiers believe these criminal charges will not only delay the stock exchange’s IPO process but also undermine its growing influence. empire on the global stock market.

After weeks of controversy, Indian authorities officially detained Ramkrishna, 59, and Anand Subramanian, her former colleague, also accused of many serious violations. The tax authorities searched their residence. This month, the successor and current CEO of exchange Vikram Limaye said he will step down when his term ends this summer.

NSE has widely announced the search for his successor. .

“Our credibility is seriously declining,” the judge, Sanjeev Aggarwal, told a court hearing in the capital New Delhi. “Who’s going to invest in India if things like this keep happening?”

NSE did not respond to requests to share information. In a statement, the exchange said it is cooperating with the investigation agency and has had a number of changes in leadership over the past few years. Defense attorneys for Ramkrishna and Subramanian also did not respond to requests for interviews.

The two men denied all charges in court. Ramkrishna replied to the legislators that there was nothing shady between her and the monk. Those were simply “normal” exchanges between people knowledgeable in the field.

The incident escalated in February, when the Securities Exchange Board of India (SEBI) issued a 190-page indictment that revealed Ramkrishna had sent sensitive information to an “infidels”. described as a yoga master living in the Himalayas.

In an interview after that indictment, Ramkrishna said the figure dominated her during her tenure as chief executive from 2013 to 2016. According to her, they exchanged information through email [email protected].

SEBI accused the yoga guru of turning Ramkrishna into a “puppet” that controlled the financial situation and operations of the exchange. For example, in 2013, she recruited Subramanian even though he had no experience working in the field. Subramanian was even later appointed as general manager on the advice of the yogi, according to the report.

Exchange employees say Subramanian is very influential. Many people even liken him to “modern-day Rasputin”.

The identity of the yoga teacher is of greatest concern to the authorities as well as those concerned.

Among the most speculated theories, Subramanian was the yoga teacher and he deceived Ramkrishna, according to the conclusion of Ernst & Young, the unit hired to participate in the investigation. SEBI also verified the above information, and said that there is “no solid evidence” to prove the connection between Subramanian and the above email account.

Based on that information, Indian officials extended the investigation to see if Ramkrishna and Subramanian were abetting unfair trading practices.

Many people question what lawmakers, NSE executives and investors have done to combat such abuse, and the problems that appear on this exchange seem to be. more systematic than they thought.

Through a lawyer, Subramanian has refused to accuse him of being the yoga teacher. SEBI did not respond to a request for comment.

According to Trong Dai