Yogi saga of NSE: Unique story of misuse, misappropriation and superstition of position

NSE Scam: Chitra Ramakrishna, the then CEO of India’s top stock exchange NSE, told PTI eight years ago that technology is a lion on which everyone is riding. At that time, she herself was posted at the top post of the National Stock Exchange. The NSE had overtaken the 100-year-old BSE to become India’s largest stock exchange within a year of its launch in 1994.

Due to technical glitch, Ramakrishna got a chance

A technical snag in the NSE’s advanced algorithm-based superfast trading had propelled Ramakrishna to the top position of the NSE in the male-dominated world of stock trading. About 10 lakh crore rupees of investors were sunk due to this technical fault on the morning of October 5, 2012 in NSE.

After this, the then CEO of NSE, Ravi Narain had to step down and a few months later, on 13 April 2013, the command of NSE was formally handed over to Chitra Ramakrishna.

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A new twist came after the name of Himalayan Yogi came to the fore

Today, 59-year-old Ramakrishna is at the center of a strange scam after a probe by markets regulator SEBI revealed that he was being instructed by a mysterious Himalayan yogi in taking key business decisions of the exchange.

Many people aware of the developments said on the condition of anonymity that the time has come for a thorough cleaning of this prestigious institution and on behalf of the government, all the regulators, enforcement agencies and investigating agencies should get to the bottom of the matter. instructions have been given.

All directors included in NSE board under scrutiny

A former top regulator official said the top management and some key directors had clearly failed to discharge their duties. A senior official said that almost every regulator, administrative agency and investigative agency in the country is trying to get to the bottom of the matter and the ambit of the investigation has been included all those directors who have served on the NSE board during these years. are.

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Finding out the reason for the mistake

The investigation is not just limited to ascertaining the identity of Yogi, but the reasons for the lapse are also being ascertained at various levels including the board, regulator and the government.

Another former regulator said, it seems that a circle of former and serving bureaucrats, some highly ambitious brokers, top government officials and some corporate officials involved in the exchange created and exploited various loopholes for their personal gain. Officials said that instructions have now come from above that no one should be spared and every wrongdoing or omission should be exposed.

SEBI mentioned ‘Yogi’ in its order

Markets regulator SEBI, in its 190-page order in the NSE case, has said that former NSE MD and CEO Chitra Ramakrishna was influenced by a ‘spiritual guru’ living in the Himalayan mountains. The case also pertains to lapses in company operations leading to the appointment of Anand Subramaniam as Chief Strategic Advisor and redesignation of him as Group Operating Officer and Advisor to MD.

Ramakrishna used to call Yogi ‘Shiromani’

According to a SEBI order, Ramakrishna, who was the MD and CEO of NSE from April 2013 to December 2016, allegedly used to call this yogi living in the Himalayas as ‘Shiromani’. The former NSE chief claims that she lives in the Himalayan hills and has been advising them on personal and professional matters for over 20 years.

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