An unknown person was running NSE and Chitra was merely a puppet in his hands

From the email dated December 4, 2015 of the unknown person to Ramakrishna, the unknown person has stated that “Kanchan is the straw and I will be the suction force for this and you will vomit all that is required as always”.

A SEBI investigation found that from the same, it is evident that Ramakrishna had abdicated all her powers to the unknown person and was playing in the hands of an unknown person through the instrumentality of Anand Subramanian.

This is further evident from the email dated October 8, 2015 from Ramakrishna to the unknown person, wherein she states that “Company is running only because of THY Grace and my G’s blessings, Swami”. This clearly shows that it is the unknown person who was running NSE and Ramakrishna was merely a puppet in his hands, the SEBI has found.

Even after SEBI had sent the complaints filed against Ramakrishna to NSE, she was still seeking guidance and directions from the unknown person.

The E&Y Report dated July 5, 2018, submitted by NSE had observed that “We observed select emails which may be confidential information pertaining to NSE being shared by Chitra and Subbu with Rigyajursama. Such information included those pertaining to NSE 5 year financial projections, dividend pay-out ratio, NSE’s business plans, agenda of NSE’s board meeting and consultations over the ratings/performance appraisals of NSE employees.”

Hence, it is clear that confidential information including those pertaining to NSE 5 year financial projections, dividend pay-out ratio, NSE’s business plans, agenda of NSE’s board meeting and consultations over the ratings/performance appraisals of NSE employees has been shared by Ramakrishna with the unknown person, the impact of which could be unimaginably wide and still at large and detrimental for NSE if not the securities market, the probe found.

Ramakrishna has not just sought advice but has acted upon the advice given by the unknown person which is evident from delegation of powers, designation and increase in compensation paid to Subramanian itself, which were all advised by the unknown person.