The Indian Stock Exchange victim of the influence of a guru

The director of the Indian National Stock Exchange Chitra Ramkrishna in 2014. REUTERS - Yuri Gripas

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The former director of the largest Indian capital stock exchange was under the influence of a spiritual guide and allegedly embezzled millions of euros for her benefit.

The financial markets regulatory authority has just revealed these embezzlements and sanctioned several people.

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With our correspondent in New Delhi,

Chitra Ramkrishna was the director of the Indian National Stock Exchange, the NSE, the tenth largest stock exchange in the world in terms of capitalization between 2013 and 2016. Her very materialistic decisions were, however, taken after consultation with a guru, a so-called

who would have lived in the Himalayas.

The latter would have asked him to employ an executive adviser who had no experience in the financial markets.

But who had access to confidential information and would have received a fortune as salary: more than 560,000 euros per year.

Penalties

According to the investigation by the Financial Markets Regulatory Authority, which has just been made public, this constitutes an embezzlement of money carried out with the conspiracy, at least tacit, of the board of directors.

A fine of 350,000 euros was thus imposed on this former director, who no longer has the right to work on the regulated markets for three years.

Other significant penalties are imposed on this adviser, the compliance officer as well as the National Stock Exchange itself, which will not be able to launch new products for six months.

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• India

• finance

• Corruption

• Crime