CBI Issues Lookout Circular for Chitra Ramkrishha, Anand Subramanian & Ravi Narain of NSE
Moneylife Digital Team/ IANS 18 February 2022
The Central Bureau of Investigation (CBI) has issued a ‘lookout circular (LOC)’ for Chitra Ramkrishna, Anand Subramanian and Ravi Narain, all three former top executives of the National Stock Exchange (NSE). CBI says this has been done as a precautionary measure.
 
CBI is now investigating various details that have come out of the emails such as travel to Seychelles and perhaps even travel to Istanbul and Mauritius. Other government agencies are also looking at all the foreign trips, official and unofficial, that Ms Ramkrishna and Mr Subramanian took together over the years.
 
Sources told IANS that Ms Ramkrishna and the other two were flight risks and, hence, the LOC has been issued. Arrests in the case are now more likely to happen, said the source.
 
The CBI is currently grilling Ms Ramkrishna at one of its offices in Mumbai. Ms Ramkrishna, who reached the Mumbai office of the CBI in the afternoon to record her statements, is being questioned by a team of senior officials, including one woman.

According to sources, the CBI has asked her around 50 questions, including how long she had been sending emails to the 'yogi', was she given any cut for sharing classified information, if so, where she invested this money.

Ms Ramkrishna also tried to play a victim card, claiming she did not know a lot of things, a source said. She has also claimed that she is innocent and somebody is trying to frame her, the source added.
 
The CBI official close to the investigation told IANS that Ms Ramkrishna was evasive and frequently changed her statements. She has tried to mislead the investigation and in the coming days, Mr Narain and Mr Subramanian will also be grilled by the CBI, added the official.
 
Both Ms Ramkrishna and Mr Narain were managing director (MD) and chief executive officer (CEO) at different times, while Mr Subramanian was group operating officer (GOO) of NSE.
 
The CBI has already lodged a first information report (FIR) against Ms Ramkrishna based on the 192-page order passed by the Securities and Exchange Board of India (SEBI). SEBI recently penalised Ms Ramakrishna for passing sensitive information about NSE to this unknown or faceless spiritual force residing in the Himalayas.
 
On Thursday, The income tax (I-T) department has conducted searches at the Mumbai residence of Ms Ramkrishna and Mr Subramanian. At around 7am, about eight to nine officials from the I-T department landed at the home of Ms Ramkrisha and her mother’s house. Ms Ramkrishna stays at Chembur. Her mother stays in a separate house. 
 
The I-T department also carried out a search operation at the residence of Mr Subramanian, who has remained a mystery for everyone outside NSE. The searches are aimed to check charges of tax evasion and financial irregularities against her and others, a media report says quoting officials. (Read: The Mysterious Anand Subramanian, Raided Today along with Chitra Ramkrishna)
 
In an order issued last week, SEBI barred Chitra Ramkrishna, Ravi Narain, former vice-chairman and Anand Subramanian, former GOO and adviser to MD and CEO, from associating with any market infrastructure institution (MII) or any intermediary registered with SEBI. While imposing a monetary penalty of Rs3 crore on Ms Ramkrishna, the market regulator has asked NSE to forfeit her excess leave encashment of Rs1.54 crore and the deferred bonus of Rs2.83 crore. The market regulator also restricted NSE from launching any new product for six months. (Read: Latest SEBI Order against NSE’s Former Management including Chitra Ramkrishna Reveals Shocking Misgovernance and Improper Equations Suppressed by Board)
 
Chitra Ramkrishna resigned from NSE on 2 December 2016. However, SEBI raised serious questions on how the NSE board allowed her to exit from the Exchange, despite the misconduct in appointing and sharing confidential information with an unknown person. 
 
Anand Subramanian was asked to resign in October 2016 and the drama of his removal has been documented by Moneylife editors Sucheta Dalal and Debashis Basu in their book Absolute Power: Inside Story of the National Stock Exchange’s Amazing Success, Leading to Hubris, Regulatory Capture and Algo Scam, released in June 2021. SEBI has been sitting on this information since 2014 and issued its order only now.
 
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Comments
rameshjrdhr5
4 years ago
One can only laugh, laugh and laugh in the story of Indian capital market!
uttam.dubey
4 years ago
CBI :) :)
What does CBI do with their cases before and after the execution .. govt should rename it "agyakari parrot"
saharaaj
4 years ago
Looks SEBI is family run entity LLP Chitra appears to be rookie big sharks are free may be in foreign shores...
umeshs62
4 years ago
Our regulatory bodies needs massive overhaul to make them trustworthy and capable of carrying out their assigned task s flawlessly.

Appointment of Chiara also raises questions about quality of recruitment process. How can a person like her pass through the system and hold top post ?

Unless the systems are robust, no organization whether public or private can thrive.
Nahom
4 years ago
Natak.
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