The regulator alleged that Ramkrishna had shared confidential information pertaining to the exchange such as NSE’s five-year financial projections, dividend payout ratio, the exchange’s business plans and agenda of NSE’s board meeting with the ‘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.
She told Sebi that he is a spiritual force who has been guiding her for the past 20 years.
“I note that Noticee no. 1 (Ramkrishna) has submitted that for the past 20 years she has sought guidance from the unknown person on many personal and professional matters and therefore, it may suffice to say that Noticee no. 1 holds the unknown person in very high regard and is influenced significantly by the unknown person,” said Sebi’s wholetime member Ananta Barua in the order.
Sebi said that the ‘Siddha Purusha’ has advised her to revise the contract with Anand Subramanian, group operating officer and adviser to the managing director to five days a week only on paper for the sake of emoluments.
According to the order, the ‘unknown person’, in an email dated September 05, 2015, told Ramkrishna, “SOM, If I had the opportunity to be a person on Earth then Kanchan is the perfect fit. Ashirvadhams. SIRONMANI. ”
‘Incorrect and Misleading Submission’
Ramkrishna in her email dated December 30, 2015, to the ‘unknown person’, said “Struggle is I have always seen THEE through G, and challenged to on my own realise the difference.” The Sebi order said “SOM” was Ramkrishna and “Kanchan” and “G” were Subramanian.
The regulator said as per an E&Y report and a report of practitioner dealing with human psychology as submitted by NSE, Subramanian had exploited Ramkrishna by creating another identity before her. The Sebi report, citing NSE’s submission based on the forensic investigation report of E&Y, says that the ‘unknown person’ was Subramanian. However, Sebi has not accepted this argument of NSE that the unknown person and Subramanian are same.
“It is unfortunate that the head of the leading and largest stock exchange in India has had to resort to such attempts to justify her actions of sharing confidential information pertaining to NSE with an unknown person. I find that it is a bizarre attempt at concealing the identity of the unknown person. Clearly such an attempt is unacceptable,” said the regulator.