The Income Tax Department on Thursday carried out searches at premises linked to former National Stock Exchange Chief Executive Officer Chitra Ramakrishna in Mumbai, Mint reported.
The searches were conducted as part of a tax evasion investigation against Ramakrishna, according to PTI.
Ramkrishna was the chief executive officer and managing director of the exchange group from April 2013 to December 2016.
The developments came in the backdrop of an order by the Securities and Exchange stating that Ramakrishna took decisions at the stock exchange allegedly based on the guidance of an unknown Himalayan ascetic.
On February 13, SEBI had said Ramakrishna shared confidential information about the National Stock Exchange, including its business plan, financial results and performance appraisals of employees, with the ascetic.
The order claimed that the ascetic had also guided Ramakrishna in the appointment of Group Operating Officer Anand Subramaniam.
SEBI had said Ramakrishna gave “frequent, arbitrary and disproportionate” salary hikes to Subramaniam even though there was no proof that she conducted a performance appraisal for him. It also stated that there was no evidence to support the A+ rating given to him.
“The unknown person according to Ramkrishna was a spiritual force that could manifest itself anywhere it wanted and did not have any physical or locational co-ordinates and largely dwelt in the Himalayan ranges,” the regulator had said in its order.
SEBI had also imposed a fine of Rs 3 crore on Ramkrishna and Rs 2 crore on Subramaniam.