Securities and Exchange Board of India (SEBI) has made a striking revelation. The one that nobody can ignore.
In a probe, the market regulator has found that the former head of one of India’s largest stock exchanges used to share confidential information with a yogi to seek his advice on crucial decisions.
It is a case of “bizarre misconduct” and “glaring breach” of regulations. This comes ahead of the market’s much-awaited public listing.
Also Read: New IPO in market: India’s LIC files draft papers to sell 5% shares to raise $8 billion
Former chief executive of National Stock Exchange (NSE) Chitra Ramkrishna shared crucial information including the market’s business plans, financial projections and board agenda with a purported spiritual guru in the Himalayas, the SEBI said.
In an order, SEBI said, “The sharing of financial and business plans of NSE … is a glaring, if not unimaginable, act that could shake the very foundations of the stock exchange.”
The guru was running the exchange, and Ramkrishna was “merely a puppet in his hands”, the SEBI added.
The regulator has also imposed penalties on Ramkrishna, the market and other top former executives for the lapses.
In 2016, Ramkrishna quit NSE citing “personal reasons”.
(With inputs from agencies)
Securities and Exchange Board of India (SEBI) has made a striking revelation. The one that nobody can ignore. In a probe, the market regulator has found that the former head of one of India’s largest stock exchanges used to share confidential information with a yogi to seek his advice on crucial decisions. It is a case of “bizarre misconduct” and “glaring breach” of regulations. This comes ahead of the market’s much-awaited public listing. Also Read: New IPO in market: India’s LIC files draft papers to sell 5% shares to raise $8 billion Former chief executive of National Stock Exchange (NSE) Chitra Ramkrishna shared crucial information including the market’s business plans, financial projections and board agenda with a purported spiritual guru in the Himalayas, the SEBI said. In an order, SEBI said, “The sharing of financial and business plans of NSE … is a glaring, if not unimaginable, act that could shake the very foundations of the stock exchange.” Also Read: UP, Goa Assembly Polls 2022: Polling underway in two Indian states; 55 seats in UP, 40 in Goa up for grabs The guru was running the exchange, and Ramkrishna was “merely a puppet in his hands”, the SEBI added. The regulator has also imposed penalties on Ramkrishna, the market and other top former executives for the lapses. In 2016, Ramkrishna quit NSE citing “personal reasons”. (With inputs from agencies)