What you are about to read is not a fiction work but something that has happened in reality at the NSE. On February 13, the market regulator SEBI issued a report stating that the Ex MD & CEO of the National Stock Exchange (NSE), Chitra Ramkrishna was under the influence of a Himalayan Yogi while making several important decisions.
The important decisions also include the appointment of Anand Subramanian as the exchange’s group operating officer and adviser to MD. The shocking revelation made by SEBI is that Mr. Subramaniam had no prior exposure to the capital market & used to work on an annual compensation of less than Rs 15 lakh. He joined SEBI in 2013 on an annual salary of Rs 1.68 crore. His annual compensation was increased to Rs 2.01 crore in 2014 then to Rs 3.33 crore in 2015 & lastly to Rs 4.21 crore in 2016. This hike in salary was guided by the nameless yogi.
That’s not all. MS. Subramaniam was promoted year on year & was also exempted from 5 day work week.
Who is the Himalayan yogi?
According to the former CEO of NSE Ms. Ramakrishna, the unknown person or yogi is a “spiritual force that could manifest itself anywhere it wanted and did not have any physical or locational coordinates and largely dwelt in the Himalayan range.”
We have long heard of Yogis living in the Himalayas who are ‘Nirgun’ & ‘Nirankar’ (formless), who contain omnipotent powers, who are above the mundane world. But had never heard of a Yogi who controls the stock market & offers a 9x salary.
NSE handles over 49 crore transactions per day which are worth a daily avg turnover of Rs 64,000 crore & the former MD of NSE used to ask for guidance from a nameless Yogi over emails. Sensitive information related to the stock exchange’s financial projections for 5 yrs, dividend pay-out ratio, agenda of board meeting & appraisals of employees were all shared to the Yogi by the CEO.
What SEBI suspects?
The SEBI had noted that the appointment of Mr. Subramaniam & hike in salary is a “money-making scheme” as Ms. Ramkrishna used to hike the salary under the guidance of Himalayan yogi & Mr. Subramaniam used to pay a certain amount of money to the unknown person.
A probe by SEBI reported that the unknown person or Yogi is likely to be Mr. Subramaniam who used to mail the CEO with the fake identity of formless yogi. In 2018 the NSE reported to SEBI that “its legal advisers had consulted practitioners of human psychology and according to the opinion of these practitioners, Ramakrishna has been exploited by Subramanian by creating another identity in the form of Rigyajursama to guide her to perform her duties according to his wish.”
Amid this controversy, the NSE has stated that many structural reforms have been made in these past few years to avoid such shocking things again.