Chitra Ramkrishna case: A SEBI order that hides more than it reveals

The 190-pages long order that the Securities and Exchange Board of India (SEBI) issued against Chitra Ramkrishna, the former MD & CEO of the National Stock Exchange, has been much in the news especially with reference to an “unknown person” with whom the former honcho of NSE is alleged to have shared confidential information about the exchange.

While there have been many reports harping on the alleged relationship between Chitra and the so-called “yogi/Siddha Purusha/Paramahansa” with most having a salacious undertone, the bigger question to be asked is the role of the capital markets regulator and whether the watchdog was thorough in its probe and did not leave any loose ends.

It is elementary to say that a probe needs to go beyond the obvious or the statements given by the accused and find the root cause or the ultimate beneficiary if a wrongdoing has been established.  

While the SEBI order clearly states that the wrongdoings have been established – hence the penalty and restraining directions – it has also raised more questions as to whether the regulator did all that it could to flesh out the details and take a stricter stance.

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