The Central Bureau of Investigation (CBI) is now questioning Chitra Ramkrishna, former chief executive officer and managing director of the National Stock Exchange (NSE) in light of fresh developments, reported news agency PTI on Friday.
Further, the investigating agency has issued look out circulars against Ramakrishna, Ravi Narain and former COO Anand Subramanian.
Earlier, the Income Tax Department on Thursday raided the premises of former Ramkrishna and Subramanian in Mumbai and Chennai as part of a tax evasion investigation against them, official sources said.
The searches were aimed at checking and gathering evidence against the two facing charges of financial irregularities and tax evasion after it was suspected that illegal financial gains could have been made by them by sharing confidential data of the exchange with possible third parties, they said.
The premises of Ramkrishna and Subramanian were raided by officials of the Mumbai investigation wing of the department early morning.
A premise in Chennai linked to Ramkrishna was also searched. The teams have taken possession of some documents from all the premises searched, they said.
Ramkrishna hit the headlines after a recent Sebi order said she was steered by a yogi, dwelling in the Himalayan ranges, in the appointment of Anand Subramanian as the exchange's group operating officer and advisor to the managing director (MD).
The Securities and Exchange Board of India charged Ramkrishna and others with alleged governance lapses in the appointment of Subramanian as the chief strategic advisor and his re-designation as group operating officer and advisor to MD.
Sebi levied a fine of Rs 3 crore on Ramkrishna, Rs 2 crore each on the National Stock Exchange (NSE), Subramanian, former NSE MD and CEO Ravi Narain, and Rs 6 lakh on V R Narasimhan, who was the chief regulatory officer and compliance officer.
The Sebi order added that Ramkrishna shared certain internal confidential information, including financial and business plans of NSE, dividend scenario and financial results, with the yogi and even consulted him over the performance appraisals of the exchange's employees.
Ramkrishna was the managing director (MD) and chief executive officer (CEO) of NSE from April, 2013 to December, 2016. The regulator noted in its order that she refused to reveal the identity of the unknown person and sought to claim that the unknown person is a spiritual force.
Ramkrishna and Subramanian have been restrained from associating with any market infrastructure institution or any intermediary registered with Sebi for three years, while the same for Narain is two years.
Sebi also directed NSE to forfeit the excess leave encashment of Rs 1.54 crore and the deferred bonus of Rs 2.83 crore of Ramkrishna.
In addition, Sebi barred NSE from launching any new product for six months. Following these revelations, the Congress party had demanded that the government bring a white paper on the functioning of the NSE.
(With agency inputs)
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