Income Tax Department Conducts Search on Former NSE MD Chitra Ramkrishna's Residence

Income Tax Department Conducts Search on Former NSE MD Chitra Ramkrishna's Residence Chitra Ramkrishna, the former chief executive of India's National Stock Exchange (NSE), is being investigated by the income tax agency. "The IT officials are visiting her apartment in Mumbai," a source close to the situation claimed. According to this person, the tax agency is conducting the searches in response to allegations that she obtained illicit gains by passing on internal exchange information of an unknown third party. This investigation follows a SEBI ruling issued on February 11th, in which the regulator found major failures in the governance and ethical behavior of Chitra Ramkrishna, the former chief executive of the NSE. Ramkrishna was fined Rs.3 crore by Sebi after it was discovered that she was communicating private information about the transaction with an unknown third party identified as 'rigyajursama.' The regulator's decision stated, "The sharing of NSE's financial and commercial plans is a flagrant, if not inconceivable move that might shatter the stock exchange's basic roots." Another severe blunder was the appointment of Anand Subramanian as chief operational officer without first seeking approval from the nomination and remuneration committee (NRC), which was in violation of regulatory guidelines. According to the Sebi ruling, Ramkrishna and Subramanian, as well as the mystery guru, were involved in a "clear conspiracy of a money-making scheme." This is Ramkrishna's second income tax investigation. The first was in November 2017, when the so-called co-location scam was exposed. The income tax department's teams in Delhi and Mumbai searched the offices of stockbrokers and former and current NSE officials to determine the extent of illegal gains made by a small number of brokers who were given preferential access to the NSE's high-speed algorithmic trading (algo-trading) platform.