“The World’s Biggest Financial Market Scandal”

By Sonal Nain, 16 Feb 2022

The Securities and Exchange Board of India (SEBI) passed an order imposing a penalty of Rs 3 crore on National Stock Exchange’s (NSE) former Chief Executive Officer Chitra Ramakrishna for sharing internal confidential information of the exchange with an unknown person. Furthermore, there were anomalies in the appointment of a senior official, Anand Subramanian, for which NSE and senior management were also held accountable. Investigative reports were not able to conclude if the correct procedure was followed in appointing Anand.

Surprisingly, Chitra claimed that all major decisions were being influenced by a nameless ‘yogi’ living in the Himalayas. SEBI discovered several emails between the CEO and an anonymous person. She emailed all of NSE’s financial data and business plans to the yogi, who advised her on designations and promotions. When asked about how she met this yogi, she said it was not required for her to meet him because he doesn’t live on this earth.

NSE is the world’s largest stock exchange encompassing a $4 trillion dollar market. It has an impact on every sector of the Indian economy because of the numerous companies listed on its platform.

Palak Shah, a journalist and an author of The Market Mafia, said to Mojo Story that this entire SEBI order is a sham. This is the world’s biggest financial market scandal. “You cannot steal data from an exchange as data is the goldmine of an exchange. The blame for this goes on SEBI that has been sleeping and has not even attempted to find the IP address of the person.” 

Palak further stated that cleaning up needs to take place, but that SEBI could not be trusted instead suggesting that a special investigation team, similar to the one formed after the Telgi Scam, should be formed. “This is a criminal breach of trust; sharing confidential data of a corporation such as NSE, where thousands of other companies are listed, fits under the criteria of front running,” he concluded.


Watch the full conversation below.