NSE Scam: Income Tax department conducts raids in former MD Chitra Ramkrishna's residence

The Income Tax department has carried out searches on the residence of former MD of NSE Chitra Ramkrishna.

“The decision was taken at the highest level and teams have been pressed in since morning to carry out searches on premises linked to Ramakrishna,” said an official privy to the development. The raids are being carried out by the Mumbai investigation wing of the department.

Searches were also underway in the Chennai on premises linked to Anand Subramanian.


Subramanian was the chief strategic adviser from April 1, 2013 and was re-designated as group operating officer and adviser to Ramkrishna from April 1, 2015 till October 21, 2016.

This comes days after the Securities and Exchange Board of India (Sebi) penalised the NSE, its former chief executives Chitra Ramkrishna and Ravi Narain, and two others for allegedly violating securities contract rules related to the appointment of Anand Subramanian as group operating officer and adviser to the managing director.

The regulator also alleged that the former chief of the National Stock Exchange used to communicate confidential information pertaining to the exchange such as NSE's five-year financial projections, dividend payout ratio, the exchange’s business plans and agenda with an 'unknown person'.

In her submission before Sebi, Ramkrishna said the person was a 'Siddha Purusha' or a 'Yogi' who is a 'Paramahansa', largely dwelling in the Himalayas, according to the regulator’s 190-page order released late on Friday. Sebi penalised NSE, Ramkrishna, former CEO Ravi Narain, and two others for allegedly violating securities contract rules related to the appointment of Anand Subramanian as group operating officer and adviser to the managing director.