CBI issues lookout circular against former NSE head Chitra Ramkrishna

Chitra Ramkrishna is also facing charges of financial irregularities and tax evasion after it was found out that she shared inside information of the NSE with possible third parties.

The Central Bureau of Investigation on Friday issued a lookout circular against Chitra Ramkrishna, the former CEO of the National Stock Exchange over alleged irregularities, news agency PTI reported. This comes a day after the income tax department raided the premises of Ramkrishna as part of a tax evasion investigation. As the news agency reported, look-out circulars have been issued against another former CEO Ravi Narain and former COO Anand Subramanian.

An income tax raid was conducted on Chitra Ramkrishna's premises in Mumbai on Thursday. (REUTERS)

"CBI is questioning Ramkrishna today in Mumbai and has issued look out circular against Ramkrishna, Anand Subramanian and Ravi Narain (former managing director of NSE). It is the expansion of the 2018 FIR in light of the recent facts that have emerged pursuant to the Sebi order," an officer with direct knowledge of the matter told Mint.

Chitra Ramkrishna is also facing allegations of irregularities over the appointment of Anand Subramanian as NSE's group operating officer and advisor to the managing director. Though the case dates back to the time when Chitra Ramkrishna was the managing director and the CEO of the National Stock Exchange, between 2013 and 2016, she has hit the headlines after Sebi issued an order recently saying Ramkrishna was "steered by a yogi" who stays in the Himalayas in the appointment of Subramanian.

The CBI investigation, however, pertains to another scam that also took place during Ramkrishna's tenure. It was alleged that some traders got preferential access to NSE's co-location facilities like they used to log in early, got split-second access to the data feed in the exchange. It was also alleged that some traders had multiple IP addresses for accessing exchange data.