HomeBusinessSebi report says NSE board was aware of irregularities

Sebi report says NSE board was aware of irregularities

(This story initially appeared in on Feb 19, 2022)

NEW DELHI: An examination by Sebi discovered that NSE and its board had been aware of grave irregularities and misconduct on the half of the then MD & CEO Chitra Ramkrishna on the appointment of Anand Subramanian as group chief working officer of the change and adviser to MD however didn’t file it within the minutes of the assembly, citing confidentiality and delicate info.

The 190-page report of Sebi on the case linked to the appointment of Subramanian and redesignation as “group chief operating officer” at NSE and sharing of inside confidential info of the bourse with an unknown individual by Ramkrishna, additionally pointed to lapses on the half of the board to tell Sebi about irregularities. Ramkrishna’s tenure on the prime bourse was between April 2013 to December 2016. NSE submitted the report on irregularities solely after repeated reminders by Sebi.

“Thus, Noticee No. 2 (NSE Ltd) and its board were aware of the exchange of confidential information by Noticee No. 1 (Chitra Ramkrishna) with an unknown person having email id rigyajursama@outlook. com in its meeting held on November 29, 2016. However, Noticee No. 2 (NSE Ltd) and its board had taken a conscious decision to not to report the matter to Sebi and keep the matter under wraps,” in accordance with the report by Sebi whole-time member Ananta Barua.

The report mentioned regardless of data about irregularities dedicated by Ramkrishna within the appointment of Subramanian and regardless of “having committed such bizarre misconduct as reflected from her email correspondence with a fictitious email address”, the board allowed her to exit with out taking any motion. Ramkrishna resigned with impact from December 2, 2016.

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