I-T searches at residence of ex-NSE MD Chitra Ramakrishna

“The tax searches are a fallout of the Sebi order on Ramkrishna, Subramanian and others. The IT department is looking to gather digital evidence and a clear picture will only emerge after the searches are concluded in a couple of days,” said a tax official.

Last week, the Securities and Exchange Board of India (Sebi) in an order penalised Ramkrishna and a few others for violating securities contract rules in a case related to the appointment of Anand Subramanian as group operating officer and advisor to the MD. It also levied a Rs 3-crore fine on Ramkrishna.

Sebi said she was steered by a yogi, dwelling in the Himalayan ranges, in the appointment of Subramanian.

“The unknown person according to Ramkrishna was a spiritual force that could manifest itself anywhere it wanted and did not have any physical or locational co-ordinates and largely dwelt in the Himalayan ranges,” the Sebi order had said.

Subramanian was allegedly an accomplice of the said yogi, who influenced the decisions of Ramkrishna, thereby benefiting himself by being re-designated as ‘Group Operating Officer and Advisor to MD’, said the Sebi order signed by Whole-time Member Ananta Barua. The compensation being paid to him increased substantially each year, upon the advice of the unknown person, the order added.

“It is evident that the unknown person is a physical being and has gone on vacations with the Noticee no. 1 (Ramkrishna) to “chill”. It is apparent that Noticee no. 1 has refused to reveal the identity of the unknown person,” the Sebi order added.

Sebi also said the NSE and its board were aware of the exchange of confidential information between Ramkrishna and the unknown person. However, the exchange and  the board took a “conscious decision to not report the matter to Sebi and keep the matter under wraps”.

Ramkrishna and NSE have been under Sebi’s scanner since 2016 after it received complaints alleging governance issues in the appointment of Subramanian.