Is NSE run like a private club for the benefit of a privileged few?

All of this was done under the instructions of an unknown yogi, as related in the SEBI order. Chitra Ramkrishna, the former CEO and Managing Director of NSE, was guided by a yogi residing in the Himalayas for the nomination of Anand Subramanian.

Ramkrishna referred to the unknown yogi as “Siromani” [the exalted one] and shared with him information such as NSE’s five-year projections, financial data, dividend ratio, business plans, board meeting agenda, and even consulted him on employee performance reviews.

For example, a September 5, 2015 email from the yogi told Ramkrishna, “SOM, if I had the opportunity to be a person on Earth, then Kanchan is the perfect fit. Ashirvadhams.” “SOM” does refers to Ramkrishna and “Kanchan” refers to Subramanian, the SEBI probe revealed.

An email dated February 18, 2015, from Ramkrishna to the unknown yogi reads: “The role and appointment of the group coordination leader is correct and we could move forward. I have a small proposal, can we do it as Group Chairman and Coordinating Head and over a period of time as per your guidelines, we can move all operations of the exchange under G and rebrand it as Group Director Seek your guidance on the way forward on this Swami If this meets Your Highness’s approval, then concurrently may we appoint JR (Ravi) as Chairman of the Finance and Stakeholder Relations Group and General Counsel company?” ‘G’ refers to Subramanian.

One can understand the corrupt motives behind running NSE as a private club for the benefit of a few select brokers who were given a colocation facility for their servers at NSE premises.

Only a philosopher can understand how an educated and suave CEO of a top-tier exchange can fall under the spell of an unknown yogi and run the exchange like “math”.

(The author is a retired professional and former managing director of the Ahmedabad Stock Exchange.)

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