Chitra Ramakrishna’s reliance on Himalayan baba compromised national fiscal stability

The CEO of the biggest stock exchange of the world, NSE, was taking executive decisions for the company under the spiritual guidance of a baba based in Himalayas through emails!

The bizarre story though sounds like the plot of a Netflix series, underscores the saying that ‘truth is stranger than fiction’. Chitra Ramakrishna, the former CEO of NSE who has already been given a dishonourable discharge from her office due to her alleged role in NSE co-location scam, seems to be harbouring so many skeletons in her closet that the closet may now resemble a medieval era catacomb.

In her deposition to SEBI wholetime director Anant Barua, Chitra appears as gullible and naïve as a superstitious person who prostrates herself to quacks in hope of salvation.

During the interrogation Chitra revealed that she sought guidance from a spiritual baba, Rigyajursama, from the Himalayas that enabled her to run NSE in a better manner. Divine wisdom was granted to her through emails from rigyajursama@outlook.com that led her to appoint Anand Subramanian, an employee at Balmer Lawrie, a PSU that manufactures steel barrels, lubricants, and provides travel and logistics services. Anand, who had no prior experience of stock exchanges got appointed as NSE’s chief strategic officer in April 2013. The Himalayan baba also guided Chitra to re-designate Anand Subramanian as group operating officer and advisor to MD, within the next two years.

Asked how a Himalayan cave dweller can access e-mails, Chitra answers that the baba is not limited by laws of physics and may be accessing emails through his metaphysical prowess!

Chitra’s interaction with the Himalayan baba also included information about NSE, its personnel, strategic plans and more. She claims to believe that since the baba has no affinity for the material realm, she trusted him not to misuse the information for his selfish ends.

As hokum as it sounds, Chitra may be stating the truth, if she was a naïve country folk who believes in warding off evil using chilly-lemon talismans. However, Chitra was the CEO of the largest stock exchange of the world, an educated woman who dwelled in the world of high-stake finance and cutting-edge technology. As a CEO who was smart enough to pull-off the alleged co-location scam and deflect all charges till the current government decided to throw her out, it may be safely concluded that Chitra is smart and intelligent enough to know the consequences of her actions.

The most important premise of proving the criminality of ones actions is Mens rea, which literally means criminal intent. Mens rea indicates that the action that resulted in a crime was not innocent but was guided by intent to perform that action with reasonable knowledge of its consequences.

As NSE CEO, Chitra would have known that an institution like NSE was critical to the fiscal integrity of India. Appointing Anand Subramanian to a crucial position like chief strategic officer was an act of undermining the institution of NSE and a blatant misuse of power. Not only did Chitra misuse her own power, but she also appointed her baba's candidate in a position of power as well.

The NSE premises are secured by government-appointed armed guards. This alone may indicate the crucial position NSE holds in terms of India’s fiscal security. Sharing vital information regarding NSE with a Himalayan baba, an outsider of unknown whereabouts and unknown allegiances, is equivalent to compromising the fiscal security of the country. If only there is a proper investigation, Chitra’s innocence or criminality could be revealed. Prima facie, Chitra’s actions may attract the provisions of Unlawful Activities Act, National Investigation Agency Act and IPC Chapter 6 — Offences Against the State.

It is well known that the definitions of war and warfare have changed in today’s world. Rather than waging direct assaults, enemy nations resort to weakening a country internally through biotic, financial and ethnic warfare. Who knows what kind of entity the unknown Himalayan baba, with access to emails in caves, is? Knowingly or unknowingly, Chitra may have been in collusion with anti-India forces to undermine the Indian capital market. All these may be mere speculations but if they turn out to be true, the ramifications will be dangerous. The question is: why is SEBI neither pushing for investigation by statutory agencies, nor has it even filed an FIR against Chitra, so far?

In fact, if Chitra is booked for criminal offences, her employer NSE will also be booked as a company, under the same offenses. The criminal culpability would also befall upon the board and officials who were complicit in Chitra's abuse of power. To severe or minimise their culpability, it would be better if the NSE board itself takes cognizance of Chitra's actions and files an FIR against her.

If by imposing a fine of ₹3 crore, the regulator believes it has set an example for those who may undermine such institutions, it may be mistaken. Also with a fine of a mere ₹2 crore on NSE if SEBI believes that the integrity of the institution will be restored for millions of investors who trust NSE with their savings and investments, it may be in for a few surprises. Let’s hope Chitra’s Himalayan baba does not turn out to be a Mandarin spy or a terrorist.