16 Feb 2022 10:25 GMT
The former CEO of the Indian National Stock Exchange has been sharing confidential information with a spiritual guru he has not known for years.
Chitra Ramakrishna, former CEO of the National Stock Exchange of India (NSE), shared confidential information with a yogi living in the Himalayas seeking advice on important corporate and business decisions. Reports Reuters.
An inquiry by the Securities and Exchange Board of India (SEBI) has revealed that Ramakrishna had shared via email with a spiritual guru he did not know personally, including stock market forecasts, business plans and the agenda of the NSE board of directors.
“Sharing NSE’s financial and business plans is a blatant, unimaginable act that could shake the very foundations of the stock market,” SEBI condemned.
Appointed Deputy General Manager of the National Stock Exchange in 2009, Ramakrishna was promoted to CEO in 2013. He resigned in 2016 “for personal reasons”. During an investigation by the regulatory agency, Chitra said that Yogi was a “spiritual force” who had sought guidance for twenty years. He also argued that sharing confidential information with someone of a “spiritual nature” does not compromise confidentiality or honesty.
“A toy in his hands”
However, SEBI called those claims “absurd.” The investigation revealed that Yogi was significantly influential in appointing some executives, including those with no experience in the capital markets and higher salaries than other senior positions in the NSE.
The accused yogi practiced the NSE and the regulatory body said Ramakrishna was “a toy in his hands”. It was also discovered that the board of directors was aware of the exchange of confidential information, but its members chose to “keep the matter confidential”.
SEBI has imposed restrictions on the stock market, with top former executives and Ramkrishna, among others, being fined 30 million rupees (about $ 400,000).
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