At a meeting held in Mumbai on Monday, the board of NSE decided that Ramkrishna, currently Joint managing director of the bourse, will take charge as MD and CEO with effect from April 1, 2013 for five years.
'She violated NSE procedures and rules, corporate governance norms; Chitra acted maybe within her capacity as MD and CEO, but not in the right spirit.'
CBI has made substantial progress in the investigation into the NSE co-location case where markets regulator Sebi has found violations of norms by the stock exchange as well as some of its former top level employees, Finance Minister Nirmala Sitharaman said on Tuesday. The government and Sebi have received some complaints in the matter of NSE co-location. In a written reply to Rajya Sabha, the minister said that during the investigation into the matter, it was noticed that certain stock brokers got preferential access to the trading system.
NSE's Ramakrishna and ING Vysya Bank's Bhandari front runners for the post.
A Delhi court on Monday sent to 14-day judicial custody the former managing director and chief executive officer of National Stock Exchange Chitra Ramkrishna in connection with the co-location scam case.
Sebi had, in February, dropped allegations of fraudulent and unfair trade practices against NSE's former heads Ravi Narain and Chitra Ramakrishna in the co-lo case.
In the high profile co-location case, markets regulator Sebi on Wednesday imposed a penalty of Rs 1 crore on the NSE for failing to provide a level-playing field for trading members subscribing to its tick-by-tick (TBT) data feed system. In addition, the regulator levied a fine of Rs 25 lakh each on NSE's former managing directors and chief executive officers Chitra Ramakrishna and Ravi Narain. Alleged lapses in high-frequency trading offered through NSE's co-location facility came under the scanner of the watchdog after a complaint was filed in 2015.
In all this, the political establishment -- and especially the finance ministry -- appears the weakest link, and worse still, the possible reason for the political backing to Narain and Ramkrishna that emboldened them to defy all the sentinels -- the independent board, the auditors, top management persons like the chief compliance officer, the company secretary, and unbelievably the super-regulator Sebi, observes V Ranganathan.
The rot is is not limited to Chitra Ramkrishna and the yogi, observed Debashis Basu.
It was alleged in an audit that Subramanian was the Yogi, but Sebi dismissed that claim in its final report on February 11.
It could be a matter of concern that foreign shareholders of the NSE are registered in tax havens such as Mauritius and Cyprus.
A day after Dalal Street witnessed its bloodiest battering, NSE chief Chitra Ramkrishna on Tuesday said there is no need for panic as in an inter-connected world, global developments are bound to have an impact on all markets.
On one hand, Limaye will have to battle legacy issues, while, on the other hand, he will have to ensure that the exchange is able to maintain its leadership position.
ICICI's Chanda Kochhar, ranked highest among Indian women, has been ranked second across the region
Siva Sankar looks at S P Balasubrahmanyam's fantastic repertoire.
Finance Minister Arun Jaitley said Sebi would develop new products in the commodity derivatives space apart from taking steps to deepen the corporate bond market.
10 central trade unions have called a nationwide shutdown against 'anti-worker policies' of the central government. Apart from being successful in Bengal, Kerala and NE states, the bandh has also got support from Cong leader Rahul Gandhi and Shiv Sena in Maharashtra.
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