Mumbai, Feb 17 (IANS): The Income Tax department on Thursday conducted a search operation at the residence of Chitra Ramakrishna, the former Managing Director and Chief Executive Officer of National Stock Exchange (NSE).

Recently, SEBI had imposed a fine of Rs 3 crore on Ramakrishna. She had said a sage, who lives in Himalayas, was giving her direction and had also sent her mails regarding the NSE.

She quit the SEBI in December 2016.

She is alleged to have shared important information with the Yogi. "Information regarding organisational structure, dividend scenario, financial results, human resource policies and related issues, response to regulator, etc., were shared by her with Yogi," said the source. Between 2014 and 2016 she sent emails at rigyajursama@outlook.com.

It was learnt that this Yogi was Subramanian, who was brought to NSE by Ramakrishna. He had access to the email ID on which the emails were sent.

Subramanian had been the Chief Strategic Advisor of NSE. He served there at this post between 2013 and 2015. He was given a post of Group Operating official and advisor to MD. He discharged his duty on this post between 2015 and 2016.

Subramanian, who had previously been working as a mid-level manager in Balmer and Lawrie, had no exposure to the capital market. His salary was increased from Rs 15 lakh per annum to Rs 1.68 crore yearly. Later in 2017 his salary was increased to Rs 4.21 crore yearly. It was a massive salary hike which he was given at the NSE.

Now, the I-T department is scanning various transactions and digital records. They have also recorded the statements of a few of her employees.

The raid is going on.