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December 2016
 |
Chitra
Ramkrishna (The Total Investment &
Insurance Solutions)
In a surprise move, Chitra Ramkrishna, CEO
and Managing Director of the National Stock Exchange (NSE) is understood have
resigned following differences with the board of directors. Ms Ramakrishna is
the first woman to hold this post and was part of the core team from the
Industrial Development Bank of India (IDBI) that came over with Dr RH Patil,
founder of the NSE. Mr Ravi Narain, now a non-executive vice chairman has also
been with the exchange since it was set up in 1991. Earlier this month she was
appointed as chairperson of the World Federation of Exchanges. The Total Investment & Insurance
Solutions
According to sources, the board of directors
seems to have had this move in mind for some time, because a few former executives
were sounded out about returning to the bourse. At the moment, Mr J
Ravichandran, a close associate of Ms Ramakrishna and Mr Narain has been asked
to takeover as interim CEO. The
Total Investment & Insurance Solutions
Interestingly Ms Ramakrishna’s resignation
follows quickly after that of Mr Anand Subramanian, a close aide of Ms
Ramakrishna and the COO of the NSE who abruptly resigned on 24th October 2016.
Moneylife alone had reported that exit. At that time NSE was emphatic that Mr
Subramanian had resigned for personal reasons, although our sources say that he
was even asked to vacate his residence rather quickly. Read that report here. The Total Investment & Insurance
Solutions
The latest board meeting is probably the next
one after Mr Subramanian’s exit. We also learn from reliable sources that the
board was concerned about the many ‘consultants’ that had been appointed in
senior positions at the bourse. More worryingly, a series of anonymous letters
or those written under pseudonyms have been sent to SEBI chairman U K Sinha, Mr
Shaktikanta Das, Secretary, Finance Ministry and Mr Praveen Garg, Joint
Secretary, Finance Ministry complaining about sordid goings-on at the bourse.
The nature of contents clearly indicate that they are being set by NSE
insiders, rather than one person. The
Total Investment & Insurance Solutions
Ms Ramakrishna is a Chartered Accountant, who
is credited with having broken a glass ceiling and has won many awards and
recognitions on this count. However, her stint has been controversial.
Readers may recall that under her leadership, the NSE had filed a Rs100
crore defamation case against Moneylife following our expose of lax supervision
of algo trading at the bourse as alleged in a whistleblower’s letter. A
single-bench judge of Bombay High Court had thrown out the case calling NSE’s
behaviour towards Moneylife’s “egregious arrogance.” NSE has appealed against
that judgement. Meanwhile, an investigation commissioned by SEBI’s technical
advisory committee has confirmed most of the allegations in the whistleblower’s
letter published by us. SEBI has also asked NSE to investigate itself, a job
that is being done by consulting firm Deloitte. The Total Investment & Insurance Solutions
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