Anand Subramanian, the prime beneficiary of National Stock Exchange's former MD & CEO Chitra Ramkrishna's abuse of powers, is now CBI's prime suspect as the mysterious Yogi who was remote-controlling Chitra during her tenure at NSE.

This contention is confusing rather than clarifying the identity of the alleged Yogi.

Chitra had known her alleged Yogi personally, so she would have known that Anand was her Himalayan Yogi, if CBI's suspicion is true. In that case, why Chitra and Anand would communicate sensitive information via emails to an unofficial id, especially when they could talk privately, is a mystery?

Chitra is a law graduate, she knows enough law to understand that emails could serve as evidence against her. Would she still write emails that shared confidential information about NSE if she had direct access to Anand? Why would Chitra leave a trail of evidence against herself despite knowing that emails of such nature are proofs of malfeasance and breach of confidential information? Why would two people working in proximity, like Chitra and Anand, need to resort to emails when they could talk privately in office?

There are various emails and derivative questions that do not add up.

For the uninitiated, an alleged Himalayan Yogi was giving divine dictates to Chitra about running the NSE through e-mails. According to Chitra's deposition in a SEBI enquiry, she met the Yogi two decades ago, which would mean that she had known the Yogi since roughly around 1997. Since then, she had sought guidance from the Yogi and was also sharing confidential details of NSE with him. Chitra was a founding team member of NSE and, through her, the Yogi would have been privy to all the strategic plans of NSE.

Anand Subramanian, before joining NSE in 2013, was an employee at Transafe Services Limited, a subsidiary of Balmer & Lawrie. Anand's appointment as chief strategic advisor at NSE was announced through an email that read as follows: "Mr. Subramanian Anand has an experience of around 23 years in the industry with a well-rounded exposure in areas of Strategy/Business Development/New Product Development/BE/Legal/People Management & General Administration."

Anand had around 23 years of work experience when he joined NSE in 2013, which implies that around 1997, he had roughly six or seven years of work experience related to shipping and logistics. If he is indeed the 'Yogi', he would would have met Chitra for the first time. This implies that since 1997, Anand, a shipping and logistic professional, was guiding Chitra about her official work at NSE. That's more than improbable!

Anand's salary before joining NSE was ₹15 Lakh per annum, so he could possibly be earning less than ₹10 lakh per annum, in 2007. And by 2007 he would have had Chitra under his spell for a decade. Yet, only in 2013, Anand coerced Chitra to hire him at a salary of ₹1.68 crore per annum. The question is, if Anand had known Chitra since 1997, and aspired for salary in crores, why didn't he ask Chitra to hire him earlier? Why was Anand putting up with a salary of less than ₹15 lakh for more than 15 years despite his ability to manipulate Chitra?

Emails that indicate that Anand Subramanian was not the Himalayan Yogi

SEBI has already enquired the case of Anand's irregular appointment by Chitra. Ananta Barua, the wholetime director at SEBI, categorically dismissed NSE's claim that Anand Subramanian is Chitra's mysterious Yogi. As per the investigations of Barua, the alleged Yogi emailed Chitra from an id, and referred to Anand Subramanian as Kanchan.

The order by SEBI mentions e-mails dated February 17, 2015, exchanged between the unknown Yogi and Chitra, in which the Yogi was planning to take Chitra on a beach vacation to Seychelles. An excerpt of the email read thus: "...p.s, keep bags ready I am planning a travel to Seychelles next month, will try if you can come with me, before Kanchan goes to london with Kaanchana and Barghava and you to New Zealand with two children. HK is a preferred transit or Singapore for onward journey. In case you need help pi let me know Seshu will do the needful. If you know swimming then we could enjoy a sea bath in Seychelles and rest in the beach. I am asking my tour operator to connect with Kanchan for all of our tickets."

An e-mail dated March 2, 2015 from the alleged Yogi to Chitra and Navaz Patel, her secretary, reads as follows: "Hi Chitra/Navaz, I am a good friend of your foreign shareholders representation committee on your Board and would like to discuss the global trend on the dividend payout that is worldwide accepted with you in person. I am on a trip to India and in Delhi on 7th and 8th March and will be happy to meet on any of these two days at your convenience. Since 7th will be a tight schedule will March 8th forenoon work, then we will meet at Vasant Vihar Delhi at my India Office. Looking forwarding to hearing from you."

The reply by Navaz Patel reads as thus: "Greetings from NSE! Thank you for your email to Ms. Chitra Ramkrishna, MD & CEO, NSE. Ms. Ramkrishna will be pleased to meet you on Sunday, March 08, 2015. As regards the time and venue for the meeting we will touch base with you."

In another email dated February 18, 2015, the alleged Yogi is giving hair-styling tips to Chitra: "Today you are looking Awesome. You must learn different ways to platt your hair which will make your looks interesting and appealing!! Just a free advice, I know you will grab this. Keep March mid a little free."

Another email dated September 16, 2015 from the alleged Yogi to Chitra reads as follows: "Did you hear that Makara Kundala song I sent? You must hear the resonance of that iterations. I am happy to see cheer, on your face and absolutely from your heart. I did rejoice the time yesterday with you. These small things you did for yourself make you feel younger and energetic."

There are many more emails in SEBI's order that point out that Chitra Ramkrishna had met the alleged Yogi often in person, much against her contention.

An excerpt of one of alleged Yogi's emails that elaborated on how to promote Anand to the position of Group Operating Officer and Advisor to MD, reads as thus:

Email Date & time: February 19, 2015 08:32 PM


To: Chitra Ramkrishna; Anand Subramanian

Subject: RE: Proposed Organization Structure with notes.

“1. contract to revise to 5 day week only for paper and emoluments. 3 day will continue on routine with HO and rest at will.

2. One day brought additional on contract per week Kanchan to withdraw and surrender to me per month as gratitude on gross amt."

If Anand was the unknown Yogi, why would he go through the charade of asking for 'cut' from his own salary by writing an email to Chitra and himself? That too when Chitra knew that Anand is the Yogi?

Questions that indicate that Anand Subramanian is not the alleged Yogi:

If Chitra had already met the alleged Yogi and Anand Subramanian was the Yogi, why was Chitra so adamant about protecting his identity even after they both were charged guilty, and penalised by SEBI?

NSE had deployed the same strategy of blaming Anand for emotionally coercing Chitra by stating that Anand was the alleged Himalayan Yogi. This enabled NSE to close enquiry about the extent of damage caused to the company because of breach of confidential information by Chitra. However, SEBI had dismissed the report of an investigation done by E&Y on behest of NSE. Notably, NSE had destroyed Chitra's laptop before SEBI's investigation under e-waste disposal.

CBI should not rush to accept the NSE claim or E&Y investigation findings that Anand is the Himalayan Yogi.

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