NSE Scam Anand Subramanian ( Himalayan Yogi ) Full Explained | Pdf

NSE Scam Anand Subramanian ( Himalayan Yogi ) Full Explained | Pdf – The Central Bureau of Investigation (CBI) has arrested Anand Subramanian in connection with the alleged irregularities in the National Stock Exchange (NSE). He was the former CEO of NSE and Chief Strategy Officer (CSO) of Chitra Ramakrishna, MD. It is believed that the yogi from the Himalayas whom Chitra had spoken of seeking advice was Subramaniam.

Sebi had started the investigation into the matter only on the irregularities in the appointment of Anand Subramaniam, after which such a big case has come to light. During this time, the name of a Himalayan yogi also came up. Now it is being claimed that Anand used to send emails by becoming the yogi of the Himalayas.

NSE Scam Anand Subramanian ( Himalayan Yogi ) Full Explained
NSE Scam Explained

NSE Scam : Anand Subramaniam, Chitra Ramakrishna and the unnamed guru of the Himalayas

  • The case relates to NSE CEO Chitra Ramakrishna, Chief Strategic Advisor Anand Subramanian and Chitra’s unnamed guru of the Himalayas.
  • The mess of these three discounted the credibility of nse but also shook the trust of the people.
  • This case is interesting because the yogi mentioned here turned out to be the villain and threadstone of the story.
  • This yogi kept fooling Chitra for years and making her work according to his mind.
  • Yogi, through his instructions, got Subramanian appointed, got one promotion after another and got the salary increased unaccounted for.
  • Chitra Ramakrishna was so absorbed in this yogi’s blind devotion that she blindly followed his every instruction.
  • The biggest advantage Who Get From All This Was Anand Subramaniam.
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NSE Scam : Who Is Himalayan Yogi In SEBI Scam ?

  • During SEBI Scam Investigation, the name of a Himalayan yogi also came up at whose behest Chitra had made all the wrongs.
  • The biggest twist of the story is that the yogi who created this whole scandal turned out to be Subramaniam.
  • Yes, Anand Subramaniam was the only person who was the creator of this scandal and was benefiting himself by becoming a yogi himself.
  • The CBI has revealed in its investigation that in fact, Subramanium is the unnamed yogi whom Chitra used to trust blindly and follow her every order without thinking.
  • On yogi’s orders, Chitra had also created a special post for Subramaniam.
  • Chitra is alleged to have taken several decisions between 2013 and 2016 while in office that were not considered to be linked to the interest of the stock market.
  • One of the decisions was the appointment of Anand Subramaniam, for whom Chitra created an officer-level post at nse.
  • Not only that, Chitra promoted Anand Subramaniam every time during her tenure and also paid a salary of crores.

Chitra Ramakrishana NSE CEO Tenure :

  • Chitra Ramakrishna was the CEO and MD of the National Stock Exchange (NSE) from 2013 to 2016.
  • She had been associated with it since the inception of NSE in 1990.
  • He was appointed joint managing director of NSE in 2009.
  • In 2013, he was given the ceoship. In 2016, he was fired from the NSE after his name was misused and his name linked to a scam.
  • During the interrogation, Sebi questioned Chitra Ramakrishna on sharing the confidential information of NSE outside, she said that the email ID created under the name rigyajursama belongs to a Siddhapurush Yogi, who has been roaming in the Himalayas for years.
  • SHe said that yogis who write emails have spiritual power.
  • For the last 20 years they have been showing them the way and they will appear as per their wish.

What Is SEBI ? It Power And Functions :

About

  • SEBI is a statutory body established on April 12, 1992 in accordance with the provisions of the Securities and Exchange Board of India Act, 1992.
  • The basic functions of the Securities and Exchange Board of India is to protect the interests of investors in securities and to promote and regulate the securities market.

Background :

  • Before SEBI came into existence, Controller of Capital Issues was the regulatory authority; it derived authority from the Capital Issues (Control) Act, 1947.
  • In April, 1988 the SEBI was constituted as the regulator of capital markets in India under a resolution of the Government of India.
  • Initially SEBI was a non statutory body without any statutory power.
  • It became autonomous and given statutory powers by SEBI Act 1992.
  • The headquarters of SEBI is situated in Mumbai. The regional offices of SEBI are located in Ahmedabad, Kolkata, Chennai and Delhi.

Structure :

  • SEBI Board consists of a Chairman and several other whole time and part time members.
  • SEBI also appoints various committees, whenever required to look into the pressing issues of that time.
  • Further, a Securities Appellate Tribunal (SAT) has been constituted to protect the interest of entities that feel aggrieved by SEBI’s decision.
  • SAT consists of a Presiding Officer and two other Members.
  • It has the same powers as vested in a civil court. Further, if any person feels aggrieved by SAT’s decision or order can appeal to the Supreme Court.

Powers and Functions of SEBI

  • SEBI is a quasi-legislative and quasi-judicial body which can draft regulations, conduct inquiries, pass rulings and impose penalties.
  • It functions to fulfill the requirements of three categories –
    • Issuers – By providing a marketplace in which the issuers can increase their finance.
    • Investors – By ensuring safety and supply of precise and accurate information.
    • Intermediaries – By enabling a competitive professional market for intermediaries.
  • By Securities Laws (Amendment) Act, 2014, SEBI is now able to regulate any money pooling scheme worth Rs. 100 cr. or more and attach assets in cases of non-compliance.
  • SEBI Chairman has the authority to order “search and seizure operations”. SEBI board can also seek information, such as telephone call data records, from any persons or entities in respect to any securities transaction being investigated by it.
  • SEBI perform the function of registration and regulation of the working of venture capital funds and collective investment schemes including mutual funds.
  • It also works for promoting and regulating self-regulatory organizations and prohibiting fraudulent and unfair trade practices relating to securities markets.

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