Finance Minister Nirmala Sitharaman assured that the Centre is looking into the lapses that had happened at the country’s biggest bourse, National Stock Exchange (NSE). The case is being probed by multiple investigating agencies.
As part of the ongoing investigation, the Central Bureau of Investigation (CBI) has questioned former NSE CEO Chitra Ramkrishna and her adviser.
FM Sitharaman spoke on the matter during the post Budget outreach meeting with heads of Banks, NBFCs, Financial Institutions. She said, “I am going through the details I have before me”, adding that the ministry will call for a press conference very soon.
“At this stage this is unfair to say anything,” Sitharaman further stated. Responding to a question, the FM stated, “Although you would perceive that charges involving NSE matter are well-established, I do not want to pre-empt the matter.”
Probing the case, the CBI quizzed former NSE group operating officer Anand Subramanian during the last three days in Chennai about his role at the exchange. The agency also asked him about how he got the role at the bourse along with his association with then MD and CEO Chitra Ramkrishna.
Erstwhile NSE CEOs Ramkrishna and Ravi Narain were also interrogated last week in connection with ”fresh facts” which came to light in the report released by market regulator Sebi on February 11.
The report underlined corporate governance lapses at the exchange. It further highlighted that Ramkrishna was influenced by and shared confidential NSE data and sought advice from an outsider she described as a Himalayan yogi.
It also added that Ramakrishna “arbitrarily” appointed Subramanian as her adviser without him having any “relevant experience”.
SEBI has imposed a penalty of Rs 3 crore on Ramkrishna, Rs 2 crore each on the National Stock Exchange (NSE), Subramanian, and former NSE MD and CEO Ravi Narain, and Rs 6 lakh on V R Narasimhan, who was the chief regulatory officer and compliance officer.
