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Mysterious BABA Controlling NSE | NSE Scam 馃毇 - YouTube
Channel: Convey by FinnovationZ
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Today I am going to tell you a story about NSE's former CEO,
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on which, in future you can either see a movie
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or a webseries like Scam 1992.
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In a recent investigation it was found that
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NSE's former CEO, Chitra Ramakrishnan takes all her decisions,
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upon the guidance of a Sadhu who resides in the Himalayas.
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Infact, By doing so, she hired a man named Subramaniyam Anand.
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Before being hired by the NSE,
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this person's salary was Rs 15 lac per year.
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But in the NSE, he was not offered Rs 30 Lac, Rs 50 lac or Rs 70 lac.
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That man directly got a salary of Rs 1.68 Crores.
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And in the immediate next year, this salary increased to Rs 2.1 Crore.
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Then, right after 1.5 months again his salary was hiked.
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And was increased over Rs 2.30 Crore.
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And after joining the NSE, within 2 years
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his salary was hiked till Rs 5 Crore.
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Funny clip: This is how life must be!
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It is a very interesting matter
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which we are going to discuss today.
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And after listening to this entire story
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you have to tell us, who this baba after all?
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[Intro Music]
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Namaskar! I am Prasad and I welcome you in today's video.
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Today's video is sponsored by Hirect.
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About whom, we will talk later in the video.
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[The original Story of Chitra]
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Let us understand this story from the very beginning.
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After completing her CA education in 1985,
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Chitra Ramakrishna joined the finance department of IDBI bank.
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And entered the field of finance.
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In the next few years,
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she worked with SEBI which is a capital market regulator.
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And then she again joined the IDBI bank.
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Where her performance was considered as outstanding.
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Due to this, when NSE was formed in 1992,
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in its core committee, Chitra Ramakrishna was also kept.
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Not just this, she also had a role in laying down the framework of SEBI.
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Also, in different committees of SEBI,
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like Secondary Market Advisory Committee.
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Committee on Disclosures and Accounting Standards.
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She played an important role in these committees also.
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[Facilitator]
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Let's fast forward the story to the year 2013.
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When Chitra Ramakrishna becomes the CEO of NSE.
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And from here the real story begins.
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Right after two year of her becoming the CEO of NSE,
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SEBI gets a letter.
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A person under a fictitious name Ken Fong
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Sends this letter to SEBI.
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Wherein he discloses that NSE which is India's biggest stock exchange,
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a scam is being operated there.
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And the name of the scam is co-location scam.
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Although in 2011, even after the formal clearance of the SEBI,
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NSE started the Algo Trading and Co-Location services.
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But it was being alleged that
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there was some manipulation in these services.
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In this, some particular brokers were given early access.
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Meaning they used to know the stock prices
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earlier than others by a few micro-seconds.
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And if there is a person who gets to know the stock prices before hand,
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then ofcourse, he is going to earn a lot of profits. Just think of it.
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Similar thing happened with these brokers.
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So this whistle-blower who wrote this letter, was stating that,
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OPG Securities is one such broker
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who have benefitted of this Co-location scam.
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And within 2 years, there profit has grown more than 700%.
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Ken Fong sent a copy of this letter to Sucheta Dalal also.
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After the release of Scam 1992 web-series,
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Sucheta Dalal needs no introduction.
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Sucheta Dalal immediately published this letter
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in her magazine 'Money Life'.
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But then NSE started pressurizing her to not make the letter public.
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Keep this information privy to yourself.
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But after this letter was published,
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NSE took action against Sucheta Dalal and her husband,
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Dabashish Basu, and filed Rs 100 Crore defamation case.
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So after the filing of a defamation case,
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ofcourse the matter reached the court.
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But in the court, it was found that, it was NSE's fault.
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And the court rather ordered the NSE to pay Rs 1,50,000 each
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to Sucheta Dalal and Debashish Basu.
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Also, Rs 47 lac were ordered to be paid to some hospitals
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like the Tata Memorial Hospital.
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From this point the investigation began.
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And from this point itself, Chitra Ramakrishna's story
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started getting a U-turn.
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In the investigation, it was found that NSE was using TBT
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which stands for Tick-By-Tick technology
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for the Algo trading and co-location services.
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Whereas no stock exchange in the world uses such technologies.
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Because it gives an early access to a few particular people.
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In the other stock exchanges of the world,
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they use Alternative Architechture multicast technology.
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Wherein all the people receive the data at the same time.
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After the investigation began, the Ernst & Young were appointed,
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for conducting the forensic audit of the NSE.
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And to determine the truth of other allegations in this scam.
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First of all, the allegation of this NSE scam was proven to be correct.
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After which, Chitra Ramakrishna and other top executives
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of the NSE started resigning.
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But even after everything was being proved,
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NSE board took no action against Chitra Ramakrishna.
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Infact, before she left, she was paid some pending dues and salary
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the sum of which was Rs 44 Crores.
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But the story did not end here.
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From here, there comes an important twist in the tale.
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Ernst & Young who submitted their report to SEBI,
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they stated that there is a big twist in this tale.
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Hiring is not an easy task. It can sometimes take months to complete.
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And it becomes very hectic.
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And if you are seeking the help of the consultants,
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then there can be even more problems.
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Like, there can be issues in speaking directly with the candidate.
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There can be some scams.
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And due to misunderstanding on the part of the consultants,
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a lot of times we end up getting irrelevant candidates.
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Which leads to a wastage of time and money both.
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So why don't we speak to our future employees directly.
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without any consultant.
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Meaning, rather than going through some other person,
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if we could just pick and choose and speak to them directly?
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The process would become a lot more simpler.
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And a perfect solution for this is, Hirect.
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Hirect is one such platform where you get all of these features.
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Here you can hire directly.
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More than one million people are already using this app.
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You can post your job on this app,
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and you can directly speak to the candidate.
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Hirect assures you that without your permission,
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none of the information will be disclosed to the job seekers.
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And you can chat directly with more than 2 million qualified candidates.
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without any consultants.
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So download the Hirect App now.
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The link is given in the description box below.
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So try direct with Hirect.
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Even we have certain job openings,
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the links of which, you can find in the description below.
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So do check out the Hirect app.
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Here between the NSE's CEO, Chitra Ramakrishna and a Baba,
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there have been lots of conversations.
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And in these conversations, company's or the NSE's important details
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have been shared.
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Wherein NSE's financial data, business plan,
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in fact, some minor discussions like the Board meeting agenda
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to important matters like the next five year projections of NSE
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were shared through these mails.
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And this email ID was [email protected]
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After investigating a little further, it became known that
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he was some Baba, residing in the himalayas.
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After that, Chitra Ramakrishna was investigated upon.
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In the investigation, she was asked who this Baba was?
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She said that the Baba stays in the Himalayas.
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Then SEBI asked when did she meet him?
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She told that she met him before 20 years.
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Then it was asked about the locations?
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But she never disclosed the locations
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that where and when she met the Baba.
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Afterwards, the SEBI asked that
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if he is a Baba who stays in the Himalayas,
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How does he have an email?
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Chitra Ramakrishna gave a very intelligent response to this.
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Just hear this out. A CA plus someone who has been the CEO of NSE,
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She is saying, that he is a spiritual guru
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and he has some special spiritual powers.
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And with the help of those powers, he can access those emails.
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Funny Clip: Isn't it too much? Isn't this absurd?
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Ernst & Young also found that through these e-mails,
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Many favorable decisions were made for Subramaniyam Anand.
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When he was hired, HR department's help was not taken.
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Because Baba directly told Chitra Ramakrishna that
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she should hire him directly and give him appraisals.
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Many special favours were also given to him.
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Everyone in NSE was supposed to work for 5 days a week,
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But Subramaniyam Anand would work for just 3 days.
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He would be given first-class air tickets,
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many things like this were happening.
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funny clip: What do i do? Should I leave the job?
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And after this, some employees of the NSE started writing some letters,
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to the SEBI.
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So this way, after the forensic audit of Ernst & Young,
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and after the reports from some employees, this matter came to light.
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That how India's biggest stock exchange is not being run by a person,
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but by a Baba who is not known to anyone.
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He might be a criminal, he may be a spy,
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Because the Ernst & Young is saying that
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Actually Chitra Ramakrishna never ever met any such person.
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So now the question arises that after all, who is this baba?
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So before the responses from other entities,
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you respond to this by commenting down below.
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By that time, let me tell you that according to Ernst & Young,
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this Baba is none other than Subramaniyam Anand himself.
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Who has been doing all this for his own benefit.
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But other people are not agreeing to this as much.
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Because, if it was like that,
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he did not have to ask for the company's details.
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Be it the 5-year plan, the appraisals, board meeting etc,
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information about all this was perhaps not needed by him.
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Because he had already become
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the operational officer of the entire group.
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After this whole incidence,the tax department has started raiding
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the houses of chitra ramakrishnan and other top executives
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like Subramaniyam Anand.
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They have started raiding their houses.
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Also, now SEBI must bring in the CBI and other investigation agencies,
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to find out the identity of the Baba and
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why a country's top financial institution's crucial information
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was being shared by its CEO to someone?
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Although when this co-location scam happened,
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Chitra Ramakrishna was fined for just Rs 25 lac.
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And in this entire matter, if we speak of her fines all together,
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it does not exceed Rs 2 Crore.
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So a person who has been paid Rs 44 Crore by the company,
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for her Rs 2 Crore amount is almost negligible.
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A question also arises that a retail investor of India,
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with all the trust, is investing his funds in the stocks through NSE.
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Whereas the company's top executives,
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without thinking about the consequences,
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are involved into such activities.
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And when they are asked that why did they share the information,
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this can prove to be a betrayal for the nation,
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She says that he is a spiritual leader
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and he would not share this information with anyone else.
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[funny clip]
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And if we talk about the executive performance of Chitra Ramakrishna,
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When she was the CEO of NSE,
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from the financial year 2013-14 to FY 2015-16,
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there has been just 20% growth in revenue.
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While after her exiting the job, in the next four years only,
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the company's revenue was more than double.
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It means that till the time she was the CEO,
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till then, the performance was also very mediocre.
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In this whole matter,
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my view is that there should be strict investigation
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and accordingly there must be a very strict action also.
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So as to set an example.
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And in future others nobody should repeat any such actions.
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And do check out the Hirect app.
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