The Securities and Exchange Board of India (SEBI), in a recent order, has penalised the National Stock Exchange (NSE) and its former MD and CEO Chitra Ramkrishna for violating securities contract rules. Ramkrishna was the CEO from April 2013 to December 2016. The key violation seems to be her role in the appointment of Anand Subramanian as group operating officer and advisor to the MD. Along with Ramkrishna, her predecessor Ravi Narain has also been accused of violating the rules. Among the various findings of the SEBI investigation, the one that has garnered the maximum attention is that Ramakrishna, as the MD and CEO, had been guided in her decisions by a ‘yogi’ or spiritual guru sitting in the Himalayas. It was this same ‘yogi’ who made her appoint Subramanian on an exorbitant salary and allegedly made her keep increasing his compensation at regular intervals. While Ramakrishna and her associates are under further investigation, the whole saga has raised a lot of questions. Given that the yogi had been communicating via email, why is his identity still unknown? Did the NSE suffer material losses as a result of this breach of confidentiality rules? Apart from Subramanian, did any other entity enjoy material gain from the yogi’s apparent hold over Ramkrishna? Guest: Suresh Seshadri, Business Editor, The Hindu Host: G. Sampath, Social Affairs Editor, The Hindu Edited by Reenu Cyriac