• Product
  • Web Stories
  • About Us
  • Today headline
  • Write for us
  • Contact Us
Today Headline
No Result
View All Result
  • breaking news today
    • Politics news
    • Sports
    • Science News & Society
  • Entertainment News
    • Movie
    • Gaming
  • Technology News
    • Automotive
    • Software & IT
  • Gear
  • Health News
    • Lifestyle
    • Insurance
  • Finance News
    • Money
  • Enterprise
  • Contact Us
  • breaking news today
    • Politics news
    • Sports
    • Science News & Society
  • Entertainment News
    • Movie
    • Gaming
  • Technology News
    • Automotive
    • Software & IT
  • Gear
  • Health News
    • Lifestyle
    • Insurance
  • Finance News
    • Money
  • Enterprise
  • Contact Us
No Result
View All Result
TodayHeadline
No Result
View All Result

Himalaya yogi ran India’s top bourse as puppet master, regulator says By Reuters

Gilberto V. Sutton by Gilberto V. Sutton
in Parenting
Reading Time: 3 mins read
0 0
A A
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Himalaya yogi ran India's top bourse as puppet master, regulator says
© Reuters. FILE PHOTO: Chitra Ramkrishna, Managing Director and CEO, National Stock Exchange (India), participates in The Future of Finance panel discussion during the IMF-World Bank annual meetings in Washington October 12, 2014. REUTERS/Yuri Gripas

By Abhirup Roy

MUMBAI (Reuters) – The former head of India’s largest stock exchange shared confidential information with a yogi and sought his advice on crucial decisions, a probe by the market regulator has found, ahead of the bourse’s much-awaited public listing.

In a case of “bizarre misconduct” that was a “glaring breach” of regulations, Chitra Ramkrishna, the former chief executive of National Stock Exchange (NSE), shared information including the bourse’s financial projections, business plans and board agenda with a purported spiritual guru in the Himalayas, the Securities and Exchange Board of India (SEBI) said.

“The sharing of financial and business plans of NSE … is a glaring, if not unimaginable, act that could shake the very foundations of the stock exchange,” SEBI said in an order, imposing penalties on Ramkrishna, the bourse and other top former executives for the lapses.

Ramkrishna, who quit NSE in 2016 citing “personal reasons”, was not immediately reachable for comment. NSE and SEBI did not respond to requests for comment.

Allegations of corporate governance lapses have dogged NSE for several years. The exchange had planned to go public in 2017 but its listing was derailed by allegations officials had provided some high frequency traders unfair access through co-location servers, which could speed up algorithmic trading.

After a three-year investigation, SEBI fined the exchange over $90 million and barred it from raising money on securities markets for six months. NSE challenged the order in court and has sought SEBI’s approval to file for a new IPO.

However, during that investigation, SEBI found documents showing Ramkrishna’s emails to an unknown person, who she said during questioning was a “spiritual force” she had sought guidance from for 20 years.

Ramkrishna, in her defence, told SEBI that sharing of information with the person who was “spiritual in nature” did not compromise confidentiality or integrity.

The SEBI order however stated that it was “absurd” for Ramkrishna to contend that sharing sensitive information such as dividend pay-out ratios, business plans and the performance appraisals of NSE employees did not cause harm.

The SEBI probe also found the purported guru had substantial influence over the appointment of a mid-level executive, without any capital market experience, directly as an adviser to Ramkrishna with inadequate documentation and a salary higher than most senior NSE officials.

The guru was running the exchange, and Ramkrishna was “merely a puppet in his hands”, SEBI said.

Questions emailed to an address given in the SEBI order as belonging to the guru were not immediately responded to.

SEBI also said NSE and its board were aware of the exchange of confidential information but had chosen to “keep the matter under wraps”.

The regulator fined NSE 20 million rupees ($270,000) and has barred the exchange from launching any new products for six months.

SEBI imposed a penalty of 30 million rupees on Ramkrishna and barred her from any bourse and SEBI-registered intermediary for three years.

Ramkrishna was among a group of executives who in the early 1990s started NSE as a challenger to the more established BSE Ltd, then known as Bombay Stock Exchange. She was appointed joint managing director of NSE in 2009 and promoted to CEO in 2013.

Share this:

  • Tweet
  • Reddit
  • Telegram
  • More
  • Pocket
  • Email
  • WhatsApp
  • Mastodon
  • Nextdoor
ShareTweet
Gilberto V. Sutton

Gilberto V. Sutton

  • Trending
  • Comments
  • Latest

Francine von Finck Net Worth

Rafaela Aponte-Diamant Net Worth – How Much is Aponte-Diamant Worth?

Charged EVs | 2 days left to join the Virtual Conference on EV Infrastructure

Ins and Outs of Rheumatoid Arthritis

Researchers translate a hypothesis into a personalized treatment for cancer

Cardi B the catwalk queen! Rapper make runway debut in blue fur coat at Balenciaga show with Kim Kardashian and Nicole Kidman sitting front row… a year after luxury brand faced massive backlash over controversial child ad campaign

Ding Junhui beats Judd Trump to set up UK final showdown with Ronnie O’Sullivan

New High on Horizon By U.Today

Today’s Wordle answer and hint for December 3

SpaceX launches 23 more Starlink satellites from Florida

About Us

Todayheadline the independent news and topics discovery
A home-grown and independent news and topic aggregation . displays breaking news linking to news websites all around the world.

Follow Us

Latest News

Cardi B the catwalk queen! Rapper make runway debut in blue fur coat at Balenciaga show with Kim Kardashian and Nicole Kidman sitting front row… a year after luxury brand faced massive backlash over controversial child ad campaign

Ding Junhui beats Judd Trump to set up UK final showdown with Ronnie O’Sullivan

New High on Horizon By U.Today

Cardi B the catwalk queen! Rapper make runway debut in blue fur coat at Balenciaga show with Kim Kardashian and Nicole Kidman sitting front row… a year after luxury brand faced massive backlash over controversial child ad campaign

Ding Junhui beats Judd Trump to set up UK final showdown with Ronnie O’Sullivan

New High on Horizon By U.Today

  • Real Estate
  • Parenting
  • Cooking
  • NFL Games On TV Today
  • Travel and Tourism
  • Home & Garden
  • Pets
  • Web Stories
  • Privacy & Policy
  • Contact
  • About

© 2023 All rights are reserved Today headline

No Result
View All Result
  • breaking news today
    • Politics news
    • Sports
    • Science News & Society
  • Entertainment News
    • Movie
    • Gaming
  • Technology News
    • Automotive
    • Software & IT
  • Gear
  • Health News
    • Lifestyle
    • Insurance
  • Finance News
    • Money
  • Enterprise
  • Contact Us

© 2023 All rights are reserved Today headline

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In