Income Tax department conducts raids on premises of former NSE MD Chitra Ramkrishna

This development comes weeks after the Security and Exchange Board of India (SEBI) alleged that the CEO of the National Stock Exchange shared confidential information about the stock exchange with an 'unknown person.'  

The Income Tax department on Thursday searched the Mumbai residence of the former MD of National Stock Exchange of India Ltd, Chitra Ramkrishna. 

The decision was made at the highest level, and teams have been pressed in since the morning to conduct searches on premises associated with Ramakrishna, stated an official privy. The raids are being carried out by the department's Mumbai investigation wing.

This development comes weeks after the Security and Exchange Board of India (SEBI) alleged that the CEO of the National Stock Exchange shared confidential information about the stock exchange with an 'unknown person.'

The regulator claimed that Ramkrishna shared confidential information about the exchange with the 'unknown person,' including the NSE's five-year financial projections, dividend payout ratio, business plans, and NSE's board meeting agenda.

According to the 190-page order issued to SEBI on late Friday, Ramkrishna, in her submission, stated that the person was a 'Siddha Purusha' or a 'Yogi' who is a 'Paramahansa,' primarily residing in the Himalayas. SEBI fined NSE, Ramkrishna, former CEO Ravi Narain, and two others for allegedly violating securities contract rules in connection with the appointment of Anand Subramanian as group operating officer and adviser to the managing director.