Chitra Ramkrishna case: Anand Subramanian's wife also received hefty pay package

The ongoing issue of Chitra Ramkrishna, Anand Subramanian and the National Stock Exchange wherein the capital markets regulator Securities and Exchange Board of India (SEBI) has found many wrongdoings against these entities seem to be throwing up new elements on a daily basis.

While the focus has been on Anand’s appointment at a hefty salary and the subsequent appraisals – at times twice in a financial year – it seems that it has dwarfed another finding of the regulator that also hints at favouritism.

According to Chitra’s own admission, she knew Anand through his wife Sunitha Anand who, she said, was a “good friend”. Sunitha was at NSE’s Chennai office and joined the bourse in April 2013 at a salary of Rs 60 lakh per annum.

As per SEBI’s findings, around six consultants were appointed at the time when Anand was also brought onboard the exchange.

Of these six individuals, the highest package was offered to Anand who got Rs 1.68 crore for working four days a week. The second-highest compensation - Rs 60 lakh - was that of Sunitha.

Just to put things in context, the other consultants hired by NSE during the same period were offered a compensation between Rs 12 lakh and Rs 38 lakh. One person was also hired for Rs 30,000 per day for three days a month – an annual compensation of a little under Rs 11 lakh.

However, Sunitha’s initial compensation is only one part of the picture. The more alarming fact is the kind of appraisals she got while working with the exchange, which is the largest in the country on every parameter, including trading volume and value.

Between 2013 and 2016, Sunitha saw her compensation more than double from Rs 60 lakh to Rs 1.34 crore. In 2014-15, her compensation was first increased to Rs 72 lakh and then to Rs 1.01 crore.

Thereafter in FY16, she again saw twin hikes with the first jump at Rs 1.16 crore and then to Rs 1.34 crore. Her contract was foreclosed on December 31, 2016 – the same month when Chitra moved out of exchange.