During the course of investigation into the issue of co-location facilities at NSE, SEBI came across certain documentary evidences, which demonstrated that the erstwhile MD and CEO of NSE, Chitra Ramkrishna, had shared certain internal confidential information of the exchange.
These include information on organisational structure, dividend scenario, financial results, human resource policy and related issues, response to regulator etc., shared with an unknown person by addressing her correspondence to the email id -- rigyajursama@outlook.com (referred as 'unknown person'/ rigyajursama@outlook.com) during the period 2014 to 2016.
NSE in its letter dated July 6, 2018 had drawn reference to the forensic investigation report of E&Y wherein E&Y upon examination of the matter concluded that the said person was Anand Subramanian. NSE has also concurred with the same.
SEBI's examination found that the said unknown person, Subramanian, had significantly influenced the decision making of Chitra Ramkrishna as reflected in the emails exchanged between Noticee No. 1 and the unknown person, as perused by SEBI.
Thus, the SEBI examination found that NSE and its board were aware of such grave irregularities and misconduct on the part of Chitra Ramkrishna in the appointment of Subramanain in the NSE and the board meeting held on October 21, 2016, but did not record the aforesaid matter in the minutes of the meeting in the name of confidentiality and sensitive information and submitted the report on the above irregularities to SEBI only after repeated reminders.
When SEBI came to know that Ramkrishna was exchanging confidential information of NSE with an unknown person, SEBI vide letter dated May 3, 2018 and August 10, 2018 sought clarification from the NSE. The NSE submitted its detailed response on the above along with a report of forensic investigation conducted by Ernst & Young (E&Y) wherein it was concluded that the said unknown person was Subramanian.
(Sanjeev Sharma can be reached at sanjeev.s@ians.in)
--IANS
san/arm
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU