Again, the National Stock Exchange (NSE) has regarding the spotlight. This time, with a story that is suitable for cheap Bollywood films.
Yogi unknown meditating in Himalayas far winning the dedication from the country’s top exchange leader, ‘guiding’ his decision which can affect millions of investors and persuade him to share confidential information. This, more than twenty years.
Somewhere along the line, both seem to have been on vacation on the beach together too.
That is the story that has been sold to regulators, Effects and Western Exchange India (SEBI), to explain the company’s MagoVernance in NSE on a scale that has never happened before. But, a bigger surprise is that Sebi seems to have bought it and let everyone go with a metaphorical rap on prayer beads.
People in saying, the regulator needs to take a closer look at the trio-chitra Ramakrishnan who is closely, the former CEO and MD NSE and who are in the center of the scandal; Anand Subramanian, a former group operating officer and advisor for MD and CEO, and rented now famous; And Sunitha Anand, who is the head of the South NSE and Subramanian’s wife.
Chitra, according to one independent source, related to Anand Subbramanian.
Is this connection disclosed to the regulator and investigated? People in saying this connection is mostly unknown even among employees, and if the council realizes it, has chosen to ignore it.
This trio is very talented as a professional, according to this correspondent speaking. While Chitra seems to be “a polite person, smiling and simple”, those who knew him well, knew that he could also be smart and a lot of sense.
This source was added, “somewhere, he managed to build strong contacts with Delhi.” The effect is cut inside, the source said. “If I meet anyone in Delhi, he will immediately find out that,” the top source said.
Somehow, this description does not match the story of Ingenu, which has been sold and purchased by the regulator.
The connection in Delhi seems to have blinded higher.
Directors of the public interest, designated by peers to ensure that the exchange function does not conflict with the interests of the market, it does not seem to be aware of sharing confidential information with outsiders. The NSE remuneration and nomination committee, which should ask questions about the appointment and remuneration of Subramanian, seems to remain silent. He seems to be allowed to take unilateral action.
All this was revealed only when Sebi was investigating the location scam, reported by the Whistleblower in 2015.
Initially
NSE was founded in the nineties early by various private and public entities, including domestic and international financial institutions, with IDBI playing a dominant role. IPSO FACTO, a big credit for building institutions goes to those who choose personnel coming from IDBI. RH Patil, who is the executive director at the Development Institution became the founder of a new exchange. Ramkrishna and Ravi Narain, a former deputy chairman of exchange, who has also been fined, also Idbi imports in this early days.
NSE clearly has a government thanks to the middle. In fact, the government has encouraged new exchanges as competition for Bombay Stock Exchange (BSE).
