The former head of India's largest stock exchange shared confidential information with a yogi and sought his advice on crucial decisions, a probe by the market regulator has found, ahead of the bourse's much-awaited public listing.
In a case of "bizarre misconduct" that was a "glaring breach" of regulations, Chitra Ramkrishna, the former chief executive of National Stock Exchange , shared information including the bourse's financial projections, business plans and board agenda with a purported spiritual guru in the Himalayas, the Securities and Exchange Board of India said.
However, during that investigation, SEBI found documents showing Ramkrishna's emails to an unknown person, who she said during questioning was a "spiritual force" she had sought guidance from for 20 years. The SEBI probe also found the purported guru had substantial influence over the appointment of a mid-level executive, without any capital market experience, directly as an adviser to Ramkrishna with inadequate documentation and a salary higher than most senior NSE officials.Questions emailed to an address given in the SEBI order as belonging to the guru were not immediately responded to.
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