June 7, 2023

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India: Former shareholder fined for giving information to Guru

The former head of India’s largest stock exchange has been fined nearly $ 400,000, and Guru has shared important information with regulators claiming that he influenced his decision in the trial.

Chitra Ramakrishna received the advice of a yogi for about 20 years, including his tenure as the Chairman of the National Stock Exchange of India (NSE) from 2013-2016 – his name has not been released. Report released on Friday.

Controllers said the investigation found that Ramakrishna disclosed important information such as financial data, forecasts, daily activities, board calendars, staff ratings and top appointments.

Ramkrishna left NSE in 2016 for personal reasons.

Apart from fines, the regulators banned Ramakrishna from working in any stock market for three years. The Securities and Exchange Board imposed a $ 264,000 fine on the transaction and allowed three other high-ranking officials to violate the terms of the bond agreement.

The regulators said that sharing such important details was “an unimaginably blatant act that could shake the very foundations of the stock market.”

Ramakrishna was one of the five financial experts who helped establish the Indian stock market in the 1990s and was the first female CEO.

He defended himself by telling investigators that his consultations with Guru had no evidence of loss or other damage to the stock market or investors.

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