Subramanian Anand resigned from NSE
In another exit, well not as big news as Tata Sons, Subramanian Anand, who was re-designated as Group Operating Officer of National Stock Exchange (NSE) on 1 April 2015, has reportedly resigned from his post. As per our understanding, and information, the Board of Directors of NSE met last week on Friday. During the Board meeting, Mr Subramanian was asked to step down from his post with immediate effect. 
 
Affirming the exit of Mr Subramanian, an official from NSE said, “He (Mr Subramanian) fore-closed his contracts and that has nothing to do with any other things.”
 
The official from NSE also refused to share any further details. “We do not share board meeting, employee, consultants' terms and details with anyone,” the official said, when asked specifically about the Board meeting and remuneration that was paid to Mr Subramanian.
 
Mr Subramanian was re-designated as Group Operating Officer from 1 April 2015, as per communication from the MD & CEO's office. The note says, "... I propose to use the facility of our Chief Strategic Advisor (CSA) to reduce my burden. Considering the rich experience and guidance sought from CSA over two years, I propose to bring the following departments under his leadership and direct supervision, which will give me the space for concentrating on other initiatives."
 
 
"Effective 1 April 2015, CSA will be re-designated as Group Operating Officer and Advisor to MD, and will handle people management, new business, corporate communication, marketing, business excellence, research and development, pricing, strategic planning and subsidiaries (IISL, DOTEX, NSE Tech & NSE IT). Apart from these, he will continue to assist the MD office, from time to time on various initiatives," the note sent from MD & CEO says.
 
Earlier, on 1 April 2013, Mr Subramanian was appointed as Advisory Consultant on the NSE Board. "Mr Subramanian brings with him 21 years of rich experience and expertise in various fields and will facilitate advice in the areas as required from time to time from the office of MD & CEO," a note sent by Chandrashekhar Mukherjee, head of Human Resources at NSE says.
 
 
An Annual Report of NSE for FY2015-16 mentions Mr Subramanian as Group Operating Officer on page 3 under the title of Management Team. In the same report, Annexure 7(I) to Director's Report has statement pursuant to Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. This statement gives details, like names, designation, remuneration received (by them), experience, date of commencement of employment and previous employment. The Report for FY2015-16 gives all details about Chitra Ramkrishna, MD & CEO, J Ravichandran, Group President & Company Secretary, Yatrik Sen, Chief Financial officer for Group Accounts and Finance, Ravi Varanasi, CEO – SBU Education and Group Head, Dr VR Narasimhan, Chief Regulatory Officer and Mr Mukherjee, the Chief People Officer at NSE. However, there is no mention of Mr Subramanian's name or any of details related with him, including remuneration paid to him. 
 
As per unconfirmed information, Mr Subramanian was paid Rs4 crore per annum as salary, which was the second highest remuneration paid by NSE. Only the MD & CEO received higher salary (Rs7.87 crore gross/ Rs3.60 crore net) than Mr Subramanian.
 
In an email reply, the official from NSE said Mr Subramanian was working on a contractual basis and hence the remuneration paid to him was not mentioned in the Annual Report. “Only employees' salaries are mentioned in the annual report; contractual amounts for consultants weren't,” the NSE official said.
 
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COMMENTS

Suresh Babu

1 year ago

I have enough evidence to send her to jail..NSE running with fraud persons headed by Sunitha Anand in her period while in Chennai office

Suresh Babu

1 year ago

Sunitha Anand highly corrupted person...now a case was registered by criminal court against her including SEBI as accused along with foreign national company. I am the complaint and worked hard 7 years to cull out the fraud of Sunitha Anand

The Fountainhead

2 years ago

All the comments here reek of immaturity, vendetta and are in extremely poor taste. Chitra is the finest women leader ìn India and globally recognized. She is very sharp, strong, extremely presentable and competent, and holds her own in archaic culture of NSE. None of us need to give her a certification as her career pathing and presence speaks for itself. It’s pathetic to see if a women is aspirational she is tagged as aggressive or someone who tramples other people!! If she makes strong choices ulterior motives are assigned to her. Truly disappointed to read this crap to a general corporate announcement.

She is where she is because of what she is. How does her personal life has anything to do with this? Is she a public figure to be subjected silly scrutiny of some loons? Sacking people for being incompetent and misfits is business as usual. Hiding behind web walls to cast baseless aspersions for meeting ulterior motives only showcases the incompetency more. Leaders do what they have to do and detractors trail along – think Modi.

As far as the person mentions here goes, certain decisions are taken in the interest of organizations that employees can not fathom and need not be explained. How would you know his capabilities and why did come? Every CEO should have a choice of building their office and it is done everywhere in the world (Mistry – Nirmalaya). Some of these decisions are taken to carry some vision forth which is in larger organizations interests through; these decisions need to be taken wearing organization hat and it will almost never work for a “few select people”.

I am disappointed to see that these comments were not moderated. When discussing personal life of someone who does not live in the public eye, a thorough consideration of the harm this can cause should be considered. While I am an outsider to NSE, I think it is strange that people think this can even dent anyone professionally – it is like doubting one of the strongest boards in the country. Totally in a very bad taste.




All the comments here reek of immaturity, vendetta and are in extremely poor taste. Chitra is the finest women leader India and globally recognized. She is very sharp, strong, extremely presentable and competent, and holds her own in archaic culture of NSE. None of us need to give her a certification as her career pathing and presence speaks for itself. It’s pathetic to see if a women is aspirational she is tagged as aggressive or someone who tramples other people!! If she makes strong choices ulterior motives are assigned to her. Truly disappointed to read this crap to a general corporate announcement.

She is where she is because of what she is. How does her personal life has anything to do with this? Is she a public figure to be subjected silly scrutiny of some loons? Sacking people for being incompetent and misfits is business as usual. Hiding behind web walls to cast baseless aspersions for meeting ulterior motives only showcases the incompetency more. Leaders do what they have to do and detractors trail along – think Modi.

As far Mr. Anand goes, certain decisions are taken in the interest of organizations that employees can not fathom and need not be explained. How would you know his capabilities and why did come? Every CEO should have a choice of building their office and it is done everywhere in the world (Mistry – Nirmalaya). Some of these decisions are taken to carry some vision forth which is in larger organizations interests through; these decisions need to be taken wearing organization hat and it will almost never work for a “few select people”.

I am disappointed to see that these comments were not moderated. When discussing personal life of someone who does not live in the public eye, a thorough consideration of the harm this can cause should be considered. While I am an outsider to NSE, I think it is strange that people think this can even dent anyone professionally – it is like doubting one of the strongest boards in the country. Totally in a very bad taste.




All the comments here reek of immaturity, vendetta and are in extremely poor taste. Chitra is the finest women leader India and globally recognized. She is very sharp, strong, extremely presentable and competent, and holds her own in archaic culture of NSE. None of us need to give her a certification as her career pathing and presence speaks for itself. It’s pathetic to see if a women is aspirational she is tagged as aggressive or someone who tramples other people!! If she makes strong choices ulterior motives are assigned to her. Truly disappointed to read this crap to a general corporate announcement.

She is where she is because of what she is. How does her personal life has anything to do with this? Is she a public figure to be subjected silly scrutiny of some loons? Sacking people for being incompetent and misfits is business as usual. Hiding behind web walls to cast baseless aspersions for meeting ulterior motives only showcases the incompetency more. Leaders do what they have to do and detractors trail along – think Modi.

As far Mr. Anand goes, certain decisions are taken in the interest of organizations that employees can not fathom and need not be explained. How would you know his capabilities and why did come? Every CEO should have a choice of building their office and it is done everywhere in the world (Mistry – Nirmalaya). Some of these decisions are taken to carry some vision forth which is in larger organizations interests through; these decisions need to be taken wearing organization hat and it will almost never work for a “few select people”.

I am disappointed to see that these comments were not moderated. When discussing personal life of someone who does not live in the public eye, a thorough consideration of the harm this can cause should be considered. While I am an outsider to NSE, I think it is strange that people think this can even dent anyone professionally – it is like doubting one of the strongest boards in the country. Totally in a very bad taste.







REPLY

Arjun Malhotra

In Reply to The Fountainhead 2 years ago

Mr Ayan Rand

I am assuming you also believe SEBI and board are also wrong and have got carried away with these baseless allegations, and under emotional duress dismissed both of them (or so as all believe).

Yes, Chitra is a fine woman when it comes to her taste in dressing up - that I would agree:)

Mahesh S Bhatt

2 years ago

Gol Maal Hai Bhai Andherawali to Deepawali Mahesh

Poornima Mendon

2 years ago

Old employees were asked to professionally upgrade or quietly move out but an Astrologer was bought in quietly as a consultant and paid an obnoxious amount as consultancy. His wife, Sunita Anand was almost heading NSE Chennai had quietly joined the Mumbai office at Bkc. Their son had sought admission at IIT Dubai. NSE had been reduced to being a fiefdom of one mighty woman, who rose up trampling many will come down like this.

Arjun Malhotra

2 years ago

Moneylife... since you guys are into investigative journalism, do you have any background on who exactly is Mr. Subramanian ? What was he doing earlier etc.

Ekta

2 years ago

Is there an official press release on this? i dont see this news anywhere except moneylife.!!

REPLY

Arjun Malhotra

In Reply to Ekta 2 years ago

yes, no other media seems to have reported this. maybe tata news took frontage, but no reporting! Given that NSE response is attached with above item, it sure is factually correct otherwise that itself would have been doubtful

Rufeena Tigga

2 years ago

test

Rufeena Tigga

2 years ago

Why was he asked to step down ? I hear there were very signifiant governance issues in bringing him on board in the first place...backdoor entry with no search carried out for such a critical position. It is interesting that Mr. Anand doesn't have any footprint on internet. I also hear that no one knows anything about his past experience etc. and he doesn't have any experience in running organisations ? It appears his wife was also working at NSE and reporting to him - however by changing their status to consultants the arrangement was kept below radar. How about rumours of special chemistry and interconnected CEO office and COO office ? Is this the end or the beginning of board at NSE exerting itself - or is it just a window dressing exercise before the IPO ?

REPLY

Ekta

In Reply to Rufeena Tigga 2 years ago

Rufeena, there are number of speculations about the reasons. But this was expected before IPO. There are news that NSE was never interested in IPO. If not for the pressure from SEBI they would not have planned this IPO. It will be interesting to know what are the other changes are being made for this IPO.

Arjun Malhotra

In Reply to Ekta 2 years ago

Ekta, what are the other speculations in terms of reasons ?

Gurumoorthy Mahalingam is the new Whole Time Member of SEBI
Reserve Bank of India (RBI)'s Executive Director Gurumoorthy Mahalingam is appointed as Whole Time Member (WTM) of market regulator Securities and Exchange Board of India (SEBI), replacing Prashant Saran, who retired in June. 
 
In a gazette notification, the Financial Market Division in the Ministry of Finance, says, Mahalingam is being appointed as WTM of SEBI from the date of his assuming charge for next five years or till he attains the age of 65 years. SEBI can have three WTMs besides a Chairman. At present Rajeev Kumar Agarwal and S Raman are two other WTMs. SEBI Chief UK Sinha is scheduled to retire next while the term of one WTM will end this year. 
 
Mahalingam is former regional director of RBI. He has also been associated with the National Institute of Securities Markets (NISM), an educational initiative of SEBI, as part of its visiting faculty. He has been associated with RBI for last 30 years in various roles as inspecting officer, chief forex dealer, chief investment dealer, and head of internal debt management department.
 
An MSc in Statistics and Operations Research from IIT Kanpur and an MBA in International Banking and Finance from Birmingham Business School, Mahalingam, at present is involved in monitoring and surveillance of money, forex, government securities and derivative markets intervention operations, besides conduct of liquidity operations, forex intervention operations and open market operations at RBI.

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Cognizant probes graft charges as senior executive quits
US-based software major Cognizant Technology Solutions Corporation on Friday announced an internal investigation under the US Foreign Corrupt Practices Act into certain payments made to facilities in India.
 
The probe led the company to appoint its IT Services Chief Executive Rajeev Mehta on September 28 as its President, a day after incumbent Gordon Coburn resigned on September 27.
 
"The investigation is being conducted under the oversight of the audit committee and is focused on a small number of company-owned facilities," Cognizant said in a regulatory filing with the US Securities and Exchange Commission (SEC).
 
The company has notified the Justice Department and the SEC and is cooperating with both agencies.
 
"The internal investigation is in its early stages, and the company is not able to predict what, if any, action may be taken by the Justice Department, SEC or any governmental authority in connection with the investigation or the effect of the matter on the company's results, cash flows or financial position," it said in the filing.
 
Mehta, 49, who has been with the company since 1997, was Chief Executive of its IT Services since December 2013.
 
"For the past decade, Mehta has been responsible for leading our market-facing teams in delivering industry-leading growth. He has a deep understanding of new technologies and new delivery models and their potential to transform businesses," said Cognizant Chief Executive Officer Francisco D'Souza in a statement.
 
As Chief Executive of IT Services, Mehta was responsible for market-facing activities across the company. His prior roles include Group Chief Executive, Industries & Markets, where he led its industry vertical and geographic market operations on a global basis.
 
"I am honoured to assume this new role at an exciting time in Cognizant's history. Over the past year, we have designed and introduced a new operating model to support our strategic vision and growth," said Mehta in the statement.
 
Co-founded by Indian-origin Kumar Mahadeva and D'Souza two decades ago, the Nasdaq listed $12.4-billion IT major has its largest software development centres in Chennai, Bengaluru and Hyderabad.
 
In its previous avatar, the company was an IT arm of Dun & Bradstreet Satyam Software in Chennai and was spun off as Cognizant Corporation in 1996 after it bought 24 per cent equity stake of Satyam for $3.4 million. Its headquarters was shifted to the US in 1997.
 
With about 100 development and delivery centres worldwide and 244,300 employees, Cognizant is ranked among the top performing and fastest growing firms globally.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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