New Delhi/Mumbai: The Income Tax Department has filed tax evasion cases against the former Managing Director (MD) and Chief Executive Officer (CEO) of the National Stock Exchange (NSE) Chitra Ramakrishna and Group Operating Officer Anand Subramaniam. I raided their premises in Mumbai on Thursday. Official sources gave this information. Officials said the purpose of this action is to investigate the allegations of tax evasion and financial irregularities against the two men and collect evidence.
The Mumbai Investigation Wing of the Income Tax Department conducted raids on the premises of Ramakrishna and Subramaniam in the early hours of today. Ramakrishna was in the news when markets regulator SEBI recently issued an order, according to which Chitra Ramakrishna, former MD, and CEO of NSE, under the influence of a yogi, appointed Anand Subramaniam as Group Operating Officer and Managing Director at the exchange. appointed consultant. The Securities and Exchange Board of India (Sebi) had accused Ramakrishna and others of violating norms in the appointment of Subramaniam as a chief strategic advisor and then his reappointment as group operating officer and advisor to the managing director.
Sebi had imposed a fine of Rs 3 crore on Ramakrishna, Rs 2 crore each on NSE and its former managing directors and chief executive officers Ravi Narayan and Subramaniam, and Rs 6 lakh on Chief Regulatory Officer V R Narasimhan. In its order, Sebi had said that Ramakrishna had shared departmental intelligence with Yogi, including the economic and business plans of NSE.
Ramakrishna was the MD and CEO of NSE from April 2013 to December 2016. Ramakrishna and Subramaniam have been barred from associating with any market infrastructure institution or any intermediary registered with SEBI for a period of three years. Whereas for Narayan this restriction is for two years.
SEBI had also directed NSE to forfeit Rs 1.54 crore and Rs 2.83 crore of deferred bonus paid in lieu of additional leave to Ramakrishna. Along with this, the regulator has barred NSE from introducing any new product for six months. After this revelation, Congress demanded the government to bring out a white paper on the functioning of the NSE.
