Subramanian Anand resigned from NSE
Moneylife Digital Team 24 October 2016
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.
 
Comments
Bindu
6 months ago
This article definitely needs a revisit now.
Suresh Babu
5 years 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
jungleclub
Replied to Suresh Babu comment 6 months ago
That was a good job done suresh sir .. is it possible we could touch base .. green regards
jungleclub
Replied to jungleclub comment 6 months ago
Piyush manush here from Salem , tn 9443248582
Suresh Babu
5 years 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
6 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.







raakeshchavan
Replied to The Fountainhead comment 6 months ago
HA HA HA....headless fountain
Arjun Malhotra
Replied to The Fountainhead comment 6 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
6 years ago
Gol Maal Hai Bhai Andherawali to Deepawali Mahesh
Poornima Mendon
6 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
6 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
6 years ago
Is there an official press release on this? i dont see this news anywhere except moneylife.!!
Arjun Malhotra
Replied to Ekta comment 6 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
6 years ago
test
Rufeena Tigga
6 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 ?
Ekta
Replied to Rufeena Tigga comment 6 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
Replied to Ekta comment 6 years ago
Ekta, what are the other speculations in terms of reasons ?
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