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Chitra Ramkrishna

About Chitra Ramkrishna

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Who is Chitra Ramkrishna?

Chitra Ramkrishna is an Indian businesswoman and the former managing director (MD) and chief executive officer (CEO) of the National Stock Exchange (NSE). 
 
Chitra Ramkrishna's career 
 
Ramkrishna was on the board of India's premier bourse from April 2013 to December 2016. She has been among the select few women leaders at the helm of leading stock exchanges around the world and has often been named among the top women business leaders from the country in various rankings.
 
She holds a degree from the Chartered Institute of Management Accountants, UK, and is also a member of the Institute of Chartered Accountants of India (ICAI). 
 
Ramkrishna was the third woman to head an exchange in the Asia-Pacific region after Sri Lanka’s Colombo Stock Exchange and China’s Shenzhen Stock Exchange. 
 
She was also appointed chairperson of the Board of World Federation of Exchanges, a global industry association for exchanges and clearing houses.
 
Prior to quitting the NSE, Ramakrishna was the second-highest paid executive in the financial services industry in FY16. She was appointed joint MD of NSE in 2009 and promoted to CEO in 2013. 
 
Her salary that year was second only to Aditya Puri's, then managing director of HDFC Bank, who took home Rs 9.7 crore, and almost three times that of BSE CEO Ashishkumar Chauhan, who earned Rs 3.3 crore.
 
Ramkrishna has served various operational and strategic aspects of NSE for many years during her roles as Deputy and Joint Managing Director. 
 
Besides playing a key role at NSE, she also held senior positions in other companies promoted by the exchange such as NSEIT and she was a part of the committee on financial sector reforms headed by Raghuram Rajan in 2008. She was also closely involved with the team that put in place a framework to set up the Securities and Exchange Board of India.
 
With Ramkrishna at the helm, NSE’s daily average turnover, including both cash and derivatives, doubled to Rs 3.5 trillion, from Rs 1.6 trillion in the three-and-a-half years since she took over as chief executive. 
 
The exchange posted a consolidated net profit of Rs 1,026 crore in FY16, making it 10x more profitable than rival BSE with a virtual monopoly in the high-volume derivatives space.
 
Ramkrishna was ousted from NSE in 2016 for her role in the co-location and algo trading scam and abuse of power.
 
Controversy
 
In February 2022, the Securities and Exchange Board of India (Sebi) charged Chitra Ramkrishna and other NSE officials for alleged governance lapses and for violating securities contract rules in the hiring at the senior levels and appointment of Anand Subramanian as the chief strategic advisor and his re-designation as group operating officer and advisor to MD.
 
Apart from this, the market regulator's order said that Ramkrishna had shared certain internal confidential information, including financial and business plans of NSE, dividend scenario and financial results, with the Himalayan yogi and even consulted him over the performance appraisals of the exchange's employees.
 
Chitra Ramkrishna and Group Operating Officer and her Advisor Anand Subramanian ran a money-making scheme during their stint at the NSE, the Sebi alleged. 
 
Sebi said: Ramkrishna “failed to maintain the highest standards of personal integrity, truthfulness, honesty and fortitude in discharging her duties and has engaged in acts discreditable to her responsibilities as MD& CEO of NSE by acting arbitrarily and misusing her delegated powers.”
 

Latest Updates on Chitra Ramkrishna

Capital markets regulator Sebi on Tuesday sent a notice to NSE's former chief Chitra Ramkrishna asking her to pay Rs 3.12 crore in a case related to governance lapses at the stock exchange

Updated On: 24 May 2022 | 11:09 PM IST

The Enforcement Directorate recently recorded the statement of former NSE managing director and CEO Chitra Ramkrishna as part of a money laundering investigation against her and others

Updated On: 24 May 2022 | 1:54 PM IST

The Delhi High Court sought the response of CBI on the bail application of National Stock Exchange's (NSE) ex-chief Chitra Ramkrishna, who was arrested in connection with the NSE co-location scam case

Updated On: 20 May 2022 | 1:32 PM IST

In National Stock Exchange (NSE) co-location case, Chitra Ramkrishna former managing director (MD) and chief executive officer (CEO), moved Delhi High Court seeking bail in the matter.

Updated On: 18 May 2022 | 5:22 PM IST

The court said that the present scam may also impact the investment scenario in the country as FIIs are always looking for a fair, transparent, and clean stock exchange to trade with

Updated On: 17 May 2022 | 1:46 AM IST

Both Ramkrishna and Subramanian, currently lodged in Tihar Jail under judicial custody, have been charge-sheeted under various sections of the IPC

Updated On: 12 May 2022 | 11:54 PM IST

A special CBI court here on Monday deferred the verdict on the bail applications of former NSE head Chitra Ramkrishna and former employee Anand Subramanian, who were arrested by the probe agency

Updated On: 09 May 2022 | 4:07 PM IST

The regulator, through an order passed on February 11, levied a fine of Rs 2 crore Subramanian in the matter of governance issues at the exchange

Updated On: 27 Apr 2022 | 12:12 AM IST

If the CBI wants to get at the truth, it has to cast its net wide, without fear or favour

Updated On: 25 Apr 2022 | 1:03 AM IST

Names former MD & CEO Ramkrishna, Subramanian as 'accused'

Updated On: 22 Apr 2022 | 12:56 AM IST

CBI opposes bail for Ramkrishna, says granting it will adversely affect investigation

Updated On: 09 Apr 2022 | 2:29 AM IST

It said that the nature and gravity of the offence were quite severe and had far-reaching repercussions on financial stability

Updated On: 08 Apr 2022 | 8:16 PM IST

The arrest pertaining to the co-location case follows an FIR which was registered in May 2018, amid fresh revelations about irregularities at the country's largest stock exchange

Updated On: 05 Apr 2022 | 6:06 PM IST

The court on March 26 sought CBI's response on Ramkrishna's bail plea and posted the matter for April 8

Updated On: 28 Mar 2022 | 7:34 PM IST

Delhi court allows CBI to collect handwriting specimen of ex-MD in co-location case

Updated On: 28 Mar 2022 | 5:14 PM IST

The application, filed on Friday, claimed that Chitra Ramkrishna was not required for further interrogation and that no purpose will be served by keeping her in custody

Updated On: 26 Mar 2022 | 4:48 PM IST

Allegations of misconduct may not just delay exchange's much-awaited IPO, but also hurt its growing clout in the global equity market.

Updated On: 21 Mar 2022 | 8:35 AM IST

The matter relates to former NSE CEO Chitra Ramkrishna and Group Operating Officer Anand Subramanian, who are currently under the custody of the CBI

Updated On: 15 Mar 2022 | 8:15 PM IST

Ramkrishna was produced before the special court after the expiry of her custodial remand

Updated On: 14 Mar 2022 | 7:15 PM IST

The probe agency had arrested Ramkrishna on March 6, a day after her anticipatory bail application was dismissed by the court

Updated On: 14 Mar 2022 | 11:06 PM IST