India Inc dazed over vague monk, who ran NSE

Do you really believe that a very sophisticated technology based NSE, one of the largest in the world, was run successfully by some vague Yogi? You are doing disservice to all those great employees who worked 24x7 @NSEIndia, says former NSE board member TV Mohandas Pai

New Delhi: An unknown Himalayan yogi's influence on Chitra Ramkrishna during her stint as NSE chief few years ago has triggered heated exchanges on social media between former NSE board member TV Mohandas Pai and Biocon's executive chairperson Kiran Mazumdar-Shaw, who wondered whether there were no checks and balances at the exchange.

Both personalities, who are generally vocal about their views on various issues, sparred on Twitter days after markets regulator Sebi passed a 190-page order in the NSE matter wherein a Himalayan yogi's influence on the exchange's former MD and CEO Chitra Ramkrishna was also flagged. Sharing a link of an article on the Sebi order on her Twitter handle, Mazumdar-Shaw said: "A Yogi Ran India's Top Stock Exchange As Puppet Master: Regulator - Shocking lack of governance in NSE that was held up as a world class SE. Were there no checks n balances?"

The tweet came on February 13 after Sebi's detailed order in the NSE matter on February 11. Responding to Mazumdar-Shaw's tweet, Pai, on February 14, said one should stop spreading falsehoods and that no yogi ran the exchange. "No yogi ran NSE! Pl stop spreading such falsehoods! Do you really believe that a very sophisticated technology based NSE, one of the largest in the world, was run successfully by some vague Yogi? You are doing disservice to all those great employees who worked 24x7 @NSEIndia," Pai said.

Among other roles, Pai was a member of boards of Infosys and NSE. On February 15, Mazumdar-Shaw replied to Pai's comments and wondered whether Sebi report should be junked.

"So do we junk the SEBI report? The employees of NSE were innocent. But if indeed Chitra Ramkrishna did connive with an outsider it's dangerously outrageous," she tweeted.

Mazumdar-Shaw also responded to a few others on Twitter. On February 14, when a user mentioned that "this Yogi was in White Kurta & White lungi and was sitting in Finance Ministry! BTW, during this yogi's stint at Home Ministry, Finance Ministry was bugged!", she responded saying "I wish all the beans could be spilled!".

The references about Ramkrishna and the Himalayan yogi is part of the Sebi order passed against Ramkrishna and others in a matter of governance lapses in the appointment of Anand Subramanian as chief strategic advisor and his re-designation as group operating officer and advisor to MD. Ramkrishna -- who served as the MD and CEO of NSE from April 2013 to December 2016 -- referred to the Himalayan yogi as 'Sironmani'. The spiritual guru, who Ramkrishna claimed was dwelling in Himalayan ranges, guided her on personal and professional matters for 20 years, according to details in the Sebi order. Meanwhile, in July last year, Mazumdar-Shaw had said that Sebi should act rationally while dealing with insider trading judgements after the markets regulator barred one of its senior executives and Allegro Capital from the securities market for one year. At that time also, she had taken to Twitter to air her views. "SEBI bars Allegro Capital, its CEO over insider trading in Biocon shares - Crazy logic. What does MSMF have to do with Biocon? The officer concerned needs to explain her convoluted hypothesis. SEBI needs to act rationally in insider trading judgements," Mazumdar-Shaw tweeted. When a Twitter user mentioned about the insider trading case, Mazumdar-Shaw tweeted on February 14 saying, "Don't comment if you don't know the case. Every day there are trivial insider trading cases - u need to see the amount traded not a trading mistake which in my case was to augment governance".

A Yogi Ran India's Top Stock Exchange As Puppet Master: Regulator - Shocking lack of governance in NSE that was held up as a world class SE. Were there no checks n balances?

-Mazumdar Shaw Biocon chief