• Notification Date: 18-02-2022
• Notification No: N/A

Chitra Ramakrishna’s Mumbai and Chennai Premises Raided by IT Department

The Mumbai and Chennai premises of Chitra Ramakrishna has been raided by the Income-tax Department. She is the former managing director and chief executive officer of the National Stock Exchange. Several premises that belong to Chitra Ramakrishna have been raided by the IT department from the early hours of Thursday.

According to the report of some close and trustworthy sources of the Income-tax department, the raids have been conducted by the department due to the suspicion of tax evasion. Anand Subramanian, the group operating officer is suspected to have been involved in the matter. He had quite intimate connections with Ramakrishna. The IT department has conducted multiple searches in his premises as well.

The Securities and Exchange Board of India (SEBI) has declared in order the previous week that Chitra Ramakrishna appointed Subramanian in the position of exchange group operating officer. Under the influence of a Himalayan Yogi, he was appointed as the MD. At first, he was appointed as the chief strategic advisor, from where he was re-designated to the current position.

After several years of investigation, the capital market regulator charged a fine of Rs.3 crores on Ramakrishna. She was found to be responsible for dealing with the exchange affairs on behalf of some mysterious yogi.

The matter of co-location was first brought under the spotlight in 2015 by a Singapore-based whistleblower. According to the whistleblower, a member of the National Stock Exchange, dwelling in Delhi, was dealing with the privileged stock price information. The member was accessing confidential information by linking to the exchange servers. The private data were being transferred to external traders in a preferential way. After this matter was exposed, SEBI started conducting investigations. In 2016, Chitra Ramakrishna resigned from her position of managing director in the NSE for some personal reasons.