Don’t Leak Info, NSE Tells Top Executives                                                                    

Hounded by the media and quizzed by regulatory officials and government sleuths for offence committed years ago, the National stock Exchange (NSE) has asked senior executive to refrain from leaking out damaging. And often unsubstantiated, information. The country’s largest stock exchange is also willing to put in place a new mechanism, over and above what currently exists, to address grievances that angry insiders may like to air. However, employees who like to air. However, employees who spread malicious information, disregarding the interest of the organization, will be pulled up. The message, conveyed in the course of a pep talk after weeks of bad press and Covid-19 disruptions, was sent out by the chairman of the bourse Girish Chandra Chaturvedi, a former senior bureaucrat, at a meeting this week close to 40 executives- mostly in the ranks of vice-president (VP) and senior VP. “ He (Chaturvedi) told officials to feel free to approach him. There have been mulitiple whistle- blower letters that have reached the regulator. The letters continued even under the new board. The press also got wind of it. Almost all are anonymous at the end of the day, it’s virtually impossible to spot the employee who is writing it,” said a person aware of the meeting.” while a whistle- blower policy exists as in all organizations, officials were asked whether there could be any other mechanism for looking into complaints,” he said. “The Sebi order this year has really hurt NSE. So, employees were told to discuss and resolve matters within the organization and not to act in a disruptive way…. Clearly, the management doesn’t want any more negative publicity,” said another person.

Even as NSE was probed by the central investigative agency for giving preferential treatment to a clutch of brokers in what came to be Known as the’ co location scandal’, a bizarre story involving the then CEO Ravi Narnia, Chitra Ramkrishna who succeeded Narnia, group operating officer Anand Subramanian and a mysterious Godman cast a shadow on the exchange. Even since the riveting story broke at the start of the year, the premier exchange has faced a flurry of bad press, ridicule, and allegations of a Cover –up by subsequent managers and directors who many felt had glossed over the misdeeds of the previous management to shield the institution and pursue its listing plan. Among other thing, the Sebi report in early February said that the then NSE board was aware of the irregularities on Chaitra’s part on the appointment of Anand Subramanian. Amid the glare on the exchange, the 55- years old Vikram Lemay, the Current CEO and managing director who succeeded Chitra Ram Krishna, told the NSE boards in early march that he Would not seek a second term. In interviews with the media, they didn’t give any explanation for his decision. His term comes to an end on july 16. Sources said Sauron Ghosh, NSE’s group head for human resources, who was hired by by Lemay, has also resigned.” the chairman can advise employees to sort out issues quietly, but addressing their grievances would eventually depend on the person who succeeds Lemay,” said an official.

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