Former MD and CEO of NSE Chitra Ramkrishna refused to reveal the identity of the unknown person she was seeking guidance from and sought to claim that the unknown person is a spiritual force.
From a perusal of the emails between the two, it is evident that the unknown person is a physical being and has gone on vacations with Chitra to "chill".
It is apparent that Chitra refused to reveal the identity of the unknown person and has sought to claim that the unknown person is a spiritual force, a SEBI probe found.
Chitra submitted to SEBI that the unknown person is a spiritual force having no physical persona. SEBI found that she made incorrect and misleading submission before NSE that the unknown person was a 'siddha-purusha' or 'paramhans' who did not have physical persona and could materialise at will.
It is observed, based on the e-mail correspondences between the unknown person and Chitra and the statement before SEBI that the unknown person and Chitra have met several times during the year 2015.
It is the unknown person, now referred to as the "Himalayan yogi" who was running the National Stock Exchange (NSE) and the then MD and CEO Chitra Ramakrishna 'was merely a puppet in his hands'.
From the email dated December 4, 2015 of the unknown person to Ramakrishna, the unknown person has stated that "Kanchan is the straw and I will be the suction force for this and you will vomit all that is required as always".
A SEBI investigation found that from the same, it is evident that Ramakrishna had abdicated all her powers to the unknown person and was playing in the hands of an unknown person through the instrumentality of Anand Subramanian.
This is further evident from the email dated October 8, 2015 from Ramakrishna to the unknown person, wherein she states that "Company is running only because of THY Grace and my G's blessings, Swami". This clearly shows that it is the unknown person who was running NSE and Ramakrishna was merely a puppet in his hands, the SEBI has found.
Even after SEBI had sent the complaints filed against Ramakrishna to NSE, she was still seeking guidance and directions from the unknown person.
The E&Y Report dated July 5, 2018, submitted by NSE had observed that "We observed select emails which may be confidential information pertaining to NSE being shared by Chitra and Subbu with Rigyajursama. Such information included those pertaining to NSE 5 year financial projections, dividend pay-out ratio, NSE's business plans, agenda of NSE's board meeting and consultations over the ratings/performance appraisals of NSE employees."
Hence, it is clear that confidential information including those pertaining to NSE 5 year financial projections, dividend pay-out ratio, NSE's business plans, agenda of NSE's board meeting and consultations over the ratings/performance appraisals of NSE employees has been shared by Ramakrishna with the unknown person, the impact of which could be unimaginably wide and still at large and detrimental for NSE if not the securities market, the probe found.
Ramakrishna has not just sought advice but has acted upon the advice given by the unknown person which is evident from delegation of powers, designation and increase in compensation paid to Subramanian itself, which were all advised by the unknown person.