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Himalayan Yogi Scandal: Former NSE MD Chitra Ramkrishna Arrested: All You Need To Know

In a stunning turn of events, former National Stock Exchange (NSE) Managing Director Chitra Ramakrishna was arrested on Thursday in connection with an alleged financial scam involving a Himalayan yogi. Here’s everything you need to know about the case in detail.

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Himalayan Yogi Scandal: Former NSE MD Chitra Ramkrishna Arrested, All You Need To Know in Detail

The Central Bureau of Investigation (CBI) produced Chitra Ramkrishna, former Chief Executive Officer (CEO) of National Stock Exchange (NSE), before the court and asked for her custody for 14 days while they investigated the Himalayan Yogi Scandal Case.

Let us tell you, The Central Bureau of Investigation (CBI) on Sunday arrested former NSE CEO Chitra Ramkrishna in connection with this massive corruption case.

CBI officials quoted to PTI, “We interrogated Ramkrishna for three consecutive days and conducted searches at her residence. But she was not giving proper response to our questions.”

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“A senior psychologist of the Central Forensic Science Laboratory also questioned Ramkrishna but found her to be ‘procrastination in reactions’. The psychologist had concluded that we had no choice but to arrest her.” They added.

Let us tell you, just a day earlier before her arrest, a special CBI court had dealt a big blow to former Chitra Ramkrishna. Her anticipatory bail plea was rejected by the court on March 5, Saturday in the NSE co-location case. 

Chitra is accused of operating the NSE, India’s largest stock exchange, and sharing it’s giving secret information with an unnamed yogi said to be lives in the Himalayas.

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According to the Times of India, Ramkrishna herself admitted that she was associated with the yogi through the email id rigyajursama@outlook.com for nearly 20 years. Ramkrishna told that she used to take directions from Yogi on many of her important corporate and business decisions.

Although, she also admitted that she never met him.

Those directions include:-

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  • Yogi told Ramkrishna to appoint Anand Subramanian as the chief strategic advisor. At that time (April, 2013), Anand is an outsider who has little experience in finance or how stock exchanges are run.
  • The yogi also directed Ramkrishna to give Subramanian three raises in the first year, making his salary about Rs 4 crore. He should also be made a Group Operating Officer and an advisor to the MD (Ramkrishna), and be allowed to travel only in first class. The yogi also asked her to allocate a cabin next to the MD’s.

Let us tell you, Subramanian was not a key manager of India’s largest exchange NSE, but he still had access to all the confidential information.

Anand Subramaniam was also arrested from his residence in Chennai by CBI claiming that he himself was the Himalayan yogi who had interfered in the functioning of the NSE.

It is also said about Subramaniam that he used to advise Chitra on her every decision and she used to act on his advice. Chitra served as the MD & CEO of NSE from April 2013 to December 2016.

Also Read: China-Taiwan Conflict Explained: Russia could be an Inspiration for China, Here’s all you need to know about another rising debate

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What is NSE Re-location Case?

Some brokers trading shares on the country’s premier National Stock Exchange were given the special privilege of getting information about stock prices before other brokers. Taking advantage of this, they were making huge profits. This probably violated the demonetization and transparency-based framework of the NSE. They were given direct access with the help of rigged insiders. Securities and Exchange Board of India got some information about this with the help of NSE officials.

Considering the boom in NSC buying and selling, the amount of scams is estimated to be Rs 50,000 crore in five years.

How did the scam happen?

CBI investigations have found that the co-location facility was introduced in NSE after Chitra Ramkrishna became CEO on April 1, 2013.

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Under this, the stockbrokers could set up their servers in the stock exchange premises, which gave them fast access to the market. Some of these brokers, with the help of exchange insiders, misused the algorithms and made huge profits.

(With Inputs from TOI, PTI and Jagran)

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NIFTY scales new heights, expect Sensex to follow this time around

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NIFTY scales new heights, expect Sensex to follow this time around

Last week, the markets remained volatile but continued their upward trend, with NIFTY hitting a new high each trading session. BSESENSEX is close to surpassing its previous high, while NIFTY is expected to set a new high on Monday or Tuesday.

BSESENSEX closed the week gaining 716.16 points, and NIFTY gained 172 points. The broader markets also saw gains across different indices. While markets saw gains on three sessions, they faced losses on two days. The Indian Rupee also saw a slight gain against the US Dollar.

Vibhor Steel Tubes Limited had a remarkable debut on the bourses, listing at a gain of 178.80 percent and closing at a gain of 192.71 percent. Juniper Hotels Limited’s IPO received a lukewarm response despite being subscribed 2.07 times overall. Exicom Tele-Systems Limited is set to launch its IPO, offering power management solutions and EV chargers.

Bharat Highways Invit is set to launch an issue for fixed income investors, with units to be issued in a band of Rs 98-100. The INVIT will have initial assets from G.R. Infraprojects Limited’s HAM model, offering an attractive income yield. February futures are set to expire on February 29 amid a bullish market trend.

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TN CM lays foundation stone for VinFast's Rs 4,000-cr EV factory

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TN CM lays foundation stone for VinFast's Rs 4,000-cr EV factory

Tamil Nadu Chief Minister M.K. Stalin laid the foundation stone for VinFast group’s EV plant in Tuticorin. VinFast Auto India Ltd will invest Rs 4,000 crore in the first phase out of the planned Rs 16,000 crore investment, making Tamil Nadu the country’s EV Capital.

The plant, spread across 380 acres, will have a capacity to roll out 1,50,000 vehicles per annum. Industries Minister T.R.B. Rajaa mentioned that Tamil Nadu is already a hub for electric vehicle production in India.

Stalin distributed compensation for flood victims and criticized the central government for not providing support. Despite roadblocks, the state government has been successful in achieving its objectives and attracting investments for the state.

Since taking office in 2021, Stalin has prioritized garnering investments for Tamil Nadu. The DMK-led government’s focus on the welfare of the people has been evident in its policies and programs.

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Aadhaar, Jan Dhan giving big push to digital India ecosystem: Instamojo's CEO

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Aadhaar, Jan Dhan giving big push to digital India ecosystem:
Instamojo's CEO

New Delhi, Feb 25 (IANS) As the government accelerates its digital journey, Instamojo’s CEO Sampad Swain highlighted the impact of Aadhaar and Jan Dhan Yojana on India’s digital ecosystem. Swain emphasized on the opportunities created in the last few years, including the JAM Trinity, availability of credit, and the role of social media for small business owners.

Instamojo, a D2C tech company, provides online stores and payment solutions for e-commerce brands and startups. Despite facing a setback last year when RBI returned their license application, Swain remains optimistic and stated that they are preparing to reapply by September, with a focus on data security and compliance with regulations.

In FY2023, Instamojo reported significant profits and steady growth in its customer base, currently serving over 3 million small business owners on its platform. Swain expressed confidence in the company’s continued success, projecting a profitable year in 2024.

The CEO highlighted the importance of adapting to regulatory requirements and maintaining a strong customer base in the competitive digital market. Instamojo’s focus on empowering small businesses with online tools and payment solutions has contributed to its growth and success in the evolving digital landscape.

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