Sebi Friday penalised the NSE and its former MDs and CEOs, Chitra Ramkrishna and Ravi Narain, and others for violating securities contract rules in the case related to the appointment of Anand Subramanian. This is how a fake Himalayan yogi guided a former National Stock Exchange MD for the past 20 years.
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Per a ruling handed by market regulator Sebi on Friday, Chitra Ramkrishna, the MD and CEO of the National Stock Exchange (NSE), was coached for 20 years by a faceless con artist known as “Siddha Purusha/Yogi” who mostly lived in the Himalayan mountains. This anonymous “yogi” was also culpable for the recruitment of Anand Subramanian, a newcomer to the business, as group operating officer and counsellor to the MD.
The NSE, its former MDs and CEOs, Chitra Ramkrishna and Ravi Narain, as well as others, were fined by the Sebi on Friday for breaking securities contract regulations in the matter of Subramanian’s hiring. The regulator fined Ramkrishna Rs 3 crore, the NSE, Narain, and Subramanian Rs 2 crore apiece, and V R Narasimhan, the chief regulatory officer and chief compliance officer, Rs 6 lakh.
“The unknown person according to Ramkrishna was a spiritual force that could manifest itself anywhere it wanted and did not have any physical or locational co-ordinates and largely dwelt in the Himalayan ranges,” the Sebi order said.
According to the Sebi ruling issued by Whole-time Member Ananta Barua, Subramanian was reportedly a collaborator of the abovementioned yogi who swayed Ramkrishna’s actions, hence benefiting himself by being re-designated as ‘Group Operating Officer and Advisor to MD.’ The order stated that the compensation awarded to him has increased significantly each year, based on the suggestion of an unnamed person.
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In his testimony dated September 12, 2018, Subramanian also revealed that he had known the mysterious individual – yogi – for 22 years. “His cost to company is not less than Rs 5 crore. Chitra is totally dependent on Subramanian and does not do anything without his consultation,” Sebi said.
And per the Sebi order, Ramkrishna, who left the NSE in December 2016, disclosed specified NSE intrinsic confidential information with an unidentified individual between 2014 and 2016, including the NSE’s organisational structure, dividend scenario, financial results, human resource policies and related issues, response to regulator, and so forth, by addressing her communications to an email account [email protected]
“It begs to question as to why Subramanian with no relevant experience, was appointed as Chief Strategic Advisor to the MD & CEO by Ramkrishna when she was already taking all her official advice from the unknown person, admittedly for the past 20 years,” Sebi said.
Surprisingly, according to the Sebi judgement, NSE stated in a letter dated November 27, 2018, that its legal counselors had spoken with human psychology practitioners.
“As per the opinion of human psychology expert, Ramkrishna has been exploited by Subramanian by creating another identity in the form of Rigyajursama to guide her to perform her duties according to his wish. Ramkrishna was manipulated by the same man in the form of different identities; one as Subramanian who enjoyed her trust and other as Rigyajursama who had her devotion and dependence,” Sebi said.
Furthermore, according to a Sebi-accessed email, Subramanian “is to withdraw and surrender to the unknown person per month as gratitude on gross amount.”
“Therefore, I note that it is not just advise from the unknown person but also payment “as gratitude” was to be made to the unknown person by Subramanian. I note that he is also a recipient of the said mail from the unknown person.
Hence, there appears to be a glaring conspiracy of a money-making scheme that involves Ramkrishna and Subramanian with the unknown person, by which Ramkrishna would increase the compensation granted to Subramanian and Subramanian would then pay the unknown person from such increased compensation,” Barua said in the order.