On suspicion of tax evasion, the Income-Tax Department searched the offices of former NSE chief executive officer and managing director Chitra Ramkrishna on Thursday.
The searches were carried out by the agency's Mumbai unit after the Securities and Exchange Board of India (SEBI) fined the NSE, Ms. Ramkrishna, and others on February 11 for breaking rules in appointing Anand Subramanian as group operating officer and advisor to the exchange's then managing director.
Ms. Ramkrishna also shared NSE internal information with an unknown yogi, according to SEBI. It was also claimed that she consulted an unknown person via email for staff performance appraisals, and Subramanian received significant raises in a short period of time.
Subramanian was offered Rs.1.68 crore for the position of top strategy advisor in the exchange in January 2013, despite his previous pay of Rs.15 lakh in a government organisation. According to sources, his cost-to-company had risen to Rs.5 crore by 2015.