Income tax inspection at the home and office of former NSE MD Chitra Ramakrishnan

The Income Tax Department is inspecting the offices of Chitra Ramakrishnan, MD and CEO of the National Stock Exchange (NSE), and Anand Subramanian, Group Officer, in the case. The Income Tax Department had raided the houses of the two in the morning.

 IT dept. raids former NSE MD Chitra Ramkrishna in tax evasion probe

Earlier, SEBI had found that they had passed crucial information about the NSE to a Himalayan monk. According to the SEBI chargesheet, the company’s secret decisions, including the NSE’s financial outline, dividend potential and performance, were passed on to the monk and the employee’s performance was discussed.

Income tax inspection at the home and office of former NSE MD Chitra Ramakrishnan
Income tax inspection at the home and office of former NSE MD Chitra Ramakrishnan

Chitra Ramakrishnan refused to reveal the identity of the Himalayan saint and claimed that the unknown person was a spiritual force.

SEBI had directed NSE to confiscate Rs 1.54 crore in leave encashment and Rs 2.83 crore in deferred bonus. SEBI has fined Chitra Ramakrishnan Rs 3 crore, NSE and Subramanian Rs 2 crore each, former MD and CEO Ravi Narain and Chief Regulatory Officer VR Narasimham Rs 6 lakh.

Ramakrishnan and Subramanian have been barred from contacting market-related companies or intermediaries registered with SEBI for three years.

SEBI had earlier fined Chitra and others for allegedly appointing Subramanian as Chief Strategic Adviser, Group Operating Officer and MD’s adviser. Chitra Ramakrishnan was the Director and CEO of NSE from 2013-16.