Chitra Ramakrishna, the former CEO & MD of the National Stock Exchange has resigned from the board of Reliance BP Mobility. The resignation came into effect from February 19, eight days after an order of the Securities and Exchange Board of India (Sebi), according to newspaper reports
Ramakrishna is in the news for governance failures at the National Stock Exchange.
In its 190-page order, Sebi talks about Ramkrishna sharing NSE’s confidential information, including organisational structure, financial projections, business plans, agenda of the board meeting, and even ratings/performance appraisals of employees with an "unknown person".
Ramakrishna, the former MD and CEO of NSE, was steered by a yogi dwelling in the Himalayan ranges in the appointment of Anand Subramanian as the exchange's group operating officer and advisor to MD, according to a Sebi order.
Further, Ramkrishna gave "frequent, arbitrary and disproportionate" increase in compensation to Subramanian when there was no evidence of any performance evaluation being done for him and nor was there any evidence to satisfy the rating of A given to him for giving such high increments.
Apart from this, Ramkrishna had shared certain internal confidential information including financial and business plans of NSE, dividend scenario, financial results with the yogi and even consulted him over the performance appraisals of the exchange's employees.
Sebi has penalised NSE, Ramkrishna, and her predecessor Ravi Narain for governance lapses in the hiring of Anand Subramanian.
Sebi has also slapped a fine of Rs 3 crore on Ramkrishna, Rs 2 crore each on NSE, Subramanian, Narain, and Rs 6 lakh on V R Narasimhan, who was the chief regulatory officer and compliance officer.
