Ex-NSE boss Chitra Ramakrishna's anticipatory bail rejected, CBI may arrest her

Former National Stock Exchange (NSE) Managing Director and CEO Chitra Ramakrishna's anticipatory bail was rejected by a Special CBI court in Delhi on Saturday. The Central Bureau of Investigation (CBI) is likely to arrest her in connection with the NSE co-location case. Ramakrishna may also approach Delhi High Court.

The former NSE boss is under investigation for allegedly sharing sensitive information about the exchange with a 'yogi who lives in the Himalayas'.

Ramkrishna hit the headlines after a SEBI order said she was steered by a 'yogi living in the Himalayas', in the appointment of Anand Subramanian in the senior position. SEBI 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.

Also Read: NSE Scandal Involving Former Boss Chitra Ramkrishna Shows SEBI's Shortcomings

SEBI released a 190-page order on February 11 against the NSE and its former honchos Chitra Ramkrishna and Ravi Narain, and an individual named Anand Subramanian

The order laid down intricate details about how Ramkrishna, who was the MD & CEO of NSE from April 2013 to December 2016, flouted norms to recruit Subramanian at an exorbitant salary-when compared to his then prevailing compensation-and practically made him her second-in-command.

Subramanian was arrested by CBI on February 24 after the investigating agency seized possible evidence indicating that he was the 'yogi' who was influencing Ramkrishna during her tenure as NSE chief.

Subramanian was the Chief Strategic Advisor from April 1, 2013, and was subsequently re-designated as the Group Operating Officer (GOO) and advisor to Chitra Ramkrishna during her tenure as the MD and CEO from April 1, 2015, to October 21, 2016. 

Also Read: Chitra Ramkrishna case: Anand Subramanian arrested by CBI in NSE probe

As per complaints received by the Securities & Exchanges Board of India (SEBI), Subramanian was hired at such a senior position without any prior experience in the finance sector. He was also paid much more than most seniors at NSE. 

He was at times given two appraisals in a financial year. Not only that, his wife, Sunitha Anand, who worked at the Chennai office of NSE and was a 'good friend' of Ramkrishna, was also drawing a hefty salary that points towards favouritism. 

SEBI found out that six consultants were appointed around the time Subramanian was brought onboard. Of the six, he received the highest package - Rs 1.68 crore for working four days a week - while the second-highest went to Sunitha for s 60 lakh. The others were given compensation between Rs 12 lakh and Rs 38 lakh. 

Between 2013 and 2016, Sunitha saw her compensation more than double from Rs 60 lakh to Rs 1.34 crore.

(With inputs from Munish Pandey.)