NSE Biggest Scam - Stock Exchange Scam
There is the National Stock Exchange and Bombay’s Stock Exchange. The NSE is a Private Company. There is a CEO for this company. One CEO who believed in Fake Guys lost a lot of money.
What is the NSE Scam?
We will discuss it in detail.
In 1875 the BSE was started. This is the first Stock Exchange in Asia. There are many issues in the BSE. In the BSE the brokers are getting huge profits whereas the Companies or investors don't make much. This has been negative feedback for the BSE for the Brokers Margin of Profits.
To overcome this issue, a request was made. The changes start to take place. There are three persons who saw that the Changes take place. They are RH Patil, Narain and Chitra Ramakrishna. These three are the important persons for the foundation of NSE.
When RH Patil was in charge there were no issues. The NSE was started in 1992. But before 1992 the Harshad Mehta issue happened. When Harshad Mehta was arrested, many believed that the Stock Market was corrupted. People can use the BSE for their own use.
So the NSE has to be perfect. NSE permit was requested by SEBI. SEBI also gave permission to the NSE. The BSE brokers after the start of NSE laughed at the Private Stock exchange.
But NSE started to gain profits as trade started to happen. There are various reasons for the growth of the NSE. NSE catered to brokers and investors. This was happening under the Leadership of RH Patil.
After years Narain became the CEO of the NSE. During his leadership, there were no issues in the NSE. NSE designed software for their brokers. The Software’s name is NOW. The Software was not a success. The Previous software OTIN was accepted by everyone. In 1992 NSE was started. In Nov 1994 the NSE was officially in business. In 2004 NSE celebrated its Tenth Anniversary. In 2004 the CEO of NSE was Narain. When the Celebrations were happening nobody spoke about RH Patil’s Contributions to the NSE.
Chitra Ramakrishna was part of the NSE. After Narian the CEO of NSE was Chitra Ramakrishna. Nobody contested her Position. There were internal issues within NSE. Now Chitra was the CEO and she had the Power. She eliminated her enemies and had her supporters in High Positions.
When did the Internal issue start in the NSE?
The issue started in 2010. Colocation is an important feature. A Server will have a small number of Investors. The Details of these investors were given to the Brokers. The NSE employees gave these details. Before the start of the Stock exchange, the Colocation members can buy and Sell Shares.
You will receive a notification that a type of share will be sold out. Using the Colocation and NSE employees the brokers started to profit. This became NSE’s biggest Corruption. But this information did not come out to the Public. But the issue started in 2013.
In 2013 Anand Subramanian was appointed as Chief Strategic Advisor. He had no previous experience in the NSE. The Previous Corporate he worked for gave him a salary of nearly 7 to 8 Lakhs per Annum. He became the CSA of NSE. He was given a salary of 1.5 Crore Rupees per annum in 2013. He was getting 7 Lakhs but joining NSE he was given 1.5 Crores per annum.
In 2014 he received an appraisal. His salary was increased by 20%. His salary was 2.01 Crores per annum. Within another 5 weeks, his salary was increased by 15%. By 2014 he was receiving 2.31 Crore Per annum. He had free First Class travel tickets. He had his cabin near the CEO's office. NSE took care of all his expenses.
Who is this Anand Subramaniam?
The NSE employees were surprised by Anand’s rise to power. But they cannot raise these questions as the CEO has the Power.
Many employees or WhistleBlowers sent many letters and Email to SEBI. They informed that using Colocation there has been fraud committed in NSE. They also informed SEBI about Anand’s Designation.
SEBI started to take action. After the Harshad Mehta scam. SEBI informed that there will be no scams committed on the Stock Exchange. SEBI took nearly 10 years to even know about the NSE Scam. SEBI knew of the Scam after NSE employees informed them.
SEBI started to keep their eye on NSE CEO Chitra. In 2016 SEBI had some details. Chitra had spies in SEBI. She immediately announced her resignation. She knows that SEBI may launch a criminal complaint against her and get her arrested. A New Investigation may be started, So Chitra Resigns Immediately. She resigned in 2016. By 2015 Anand Subramaniam's Salary was 5 Crores Per annum. In 2016 Chitra received a Salary of 22 Crore within 8 months.
SEBI started an investigation that made Chitra resign. SEBI also announced that Chitra had to pay a penalty of 3 Crores and Narian had to pay 2 Crores. The People involved paid a Penalty of 50 to 60 lakhs Rupees. The NSE must also pay 629 Crore as a fine to Investors. The Penalty was very low.
How much do the People who invested in NSE lose their money?
How did it affect India’s GDP?
We still don't know. The Media who speak about the Stock Exchange did not speak against this NSE Scam. The People who committed Scams only had Fine to pay.
SEBI released an investigation report. During the Investigation, a Yogi’s name has been mentioned. Chitra Calls him Senonmani. The Computer in Chitra's room had two users. One was Anand Subramaniam. The Second was Siddha Purusha. Chitra calls him a Spiritual Person.
Chitra was asked whether she talked about the NSE with the Guru. Chitra says that for nearly 20 years she has known the Yogi and she tells everything about NSE to the Yogi. Chitra said she met him twenty years ago and communicated to the Yogi through Email. SEBI and the Investigation team published those emails Sent by Chitra to Yogi. The Yogi has sent personal messages to Chitra.
He also instructed each and every move of the NSE to Chitra. The Yogi was the one who was responsible for Anand’s Appointment.
The team asked Chitra,
How did she believe in this Yogi?
Chitra says that if someone has a doubt they will ask recommendations to their friends or Relatives. She says that the Yogi was her Well Wisher. The Investigation Team wanted to identify this Yogi. But Chitra said that a Yogi Close to her had died. Some Say that Anand was the Yogi who communicated with Chitra.
There are many issues that cannot be connected to this scam.
Scams of a large scale have been conducted in the NSE. Anand was appointed without any purpose. NSE didn't raise any questions about Chitra. Indians call it the National Stock exchange. This is a shame for the Indian government.
How did they scam this perfectly?
How can we believe in SEBI if they cannot identify the Scams?
Many raised these questions in Media and Social media.
This may be news to you. Chitra received 8 Crore in 8 Months as Salary.
Has there been a criminal Case filed against Chitra?
A lookout notice has been issued to her. Chitra will leave India. If we look at Chitra’s travel History there are a lot of islands. There are chances that she may have assets in the Islands.
Now they call for a CBI Enquiry. If there is a CBI enquiry there will be a fine to pay.
How many Brokers have been involved in the Scam?
How many investors have lost their money?
Will there be an amount paid to these Investors?
The NSE scam is not your normal scam. This cam has been ongoing in Congress and the BJP period.
Are the two Political parties involved?
The media has to speak about this Mega Scam. People will be made aware of the NSE. This will also lead SEBI’s employees to do their jobs properly.
The Money which is in the Stock Exchange is People’s Hard Earned Money. There are people who believe in the NSE.
NSE is directly connected to the Unidentified Yogi.
Are there other people involved?
There are many questions that are unanswered about the Scam. Chitra resigned in 2016. She is still not arrested.
There is no news. No Punishments. There is no information.
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