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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

The court has directed Ramkrishna to deposit half of the Rs 25 lakh penalty to stay the operation of the SAT order. The case will likely be heard again in March

Updated On: 26 Feb 2024 | 7:41 PM IST

SAT set aside the total penalty of Rs 7 crore imposed on NSE in the Sebi adjudicating officer order. The penalty on Chitra Ramkrishna has be­en brought down from Rs 5 crore to Rs 25 lakh

Updated On: 14 Dec 2023 | 10:53 PM IST

Business Standard brings you the top headlines at this hour

Updated On: 14 Feb 2023 | 9:09 AM IST

Central agency had been waiting for approval since March 2022

Updated On: 14 Feb 2023 | 1:04 AM IST

Leading stock exchange NSE's board has given its approval to the Central Bureau of Investigation (CBI) to prosecute its former MD and CEO Chitra Ramkrishna in the co-location scam case, sources said

Updated On: 13 Feb 2023 | 7:11 PM IST

The former NSE managing director, who was earlier arrested by the CBI in the alleged NSE co-location scam, was arrested in the present case by the Enforcement Directorate on July 14 last year

Updated On: 09 Feb 2023 | 11:21 PM IST

Catch all the latest updates from across the globe here

Updated On: 09 Feb 2023 | 10:14 PM IST

Sebi needs capacity to protect investor interests

Updated On: 24 Jan 2023 | 10:58 PM IST

Tribunal sets aside Rs 625-cr disgorgement order against the bourse, finds no 'unethical act'

Updated On: 23 Jan 2023 | 11:24 PM IST

A Delhi court will hear on Dec 7 the bail applications of former NSE chief Chitra Ramakrishna and ex-Mumbai Police Commissioner Sanjay Pandey in a corruption case related to illegal phone tapping

Updated On: 01 Dec 2022 | 8:40 PM IST

Delhi High Court reserved its verdict on the bail plea by Chitra Ramkrishna in the money laundering case related to alleged illegal phone tapping and snooping on National Stock Exchange employees

Updated On: 15 Nov 2022 | 9:20 PM IST

Institutions need better governance structure

Updated On: 10 Nov 2022 | 10:36 PM IST

It said that all the approvals were either processed through her or given by her and that the illegal interception was co-terminus with her tenure at NSE

Updated On: 01 Nov 2022 | 11:10 PM IST

Ramkrishna was arrested by the CBI in a case that was registered in May 2018 related to the alleged manipulation of the bourse. The ED arrested her later on July 14 in the phone tapping case

Updated On: 28 Sep 2022 | 7:28 PM IST

Narain, arrested a few days before the chargesheet was filed, had allegedly conspired with iSec in the tapping case from the beginning

Updated On: 16 Sep 2022 | 6:10 AM IST

During the hearing, the ED had opposed the bail plea, saying the investigation was ongoing in the matter and she was directly or indirectly indulging in the crime

Updated On: 29 Aug 2022 | 12:31 PM IST

A Delhi court on Thursday reserved its order on the bail plea of National Stock Exchange's (NSE) former CEO and MD Chitra Ramkrishna, who was arrested in connection with a money laundering case

Updated On: 25 Aug 2022 | 7:31 PM IST

Pandey, who was arrested on July 19 in the case, was produced before Special Judge Sunena Sharma at the Rouse Avenue Court Complex following expiry of his custody.

Updated On: 03 Aug 2022 | 12:48 AM IST

NSE's CEO-designate has to address crisis of confidence at the bourse

Updated On: 20 Jul 2022 | 11:02 PM IST

ED had last week filed a money laundering complaint against ex-Mumbai Police Commissioner Sanjay Pandey and former NSE top bosses in connection with the alleged illegal phone tapping case

Updated On: 18 Jul 2022 | 5:02 PM IST