The CBI told a special court that Anand Subramanian and Chitra Ramkrishna had also visited countries like Mauritius and Seychelles, known to be tax havens.
During the course of investigation into the issue of co-location facilities at NSE, SEBI came across certain documentary evidences, which demonstrated that the erstwhile MD and CEO of NSE, Chitra Ramkrishna, had shared certain internal confidential information of the exchange.
The court was informed that the co-location scam runs into several thousand crores of Rupees and even though three-and-half years have passes, there is no development on the issue.
Markets regulator Sebi on Tuesday came out with guidelines for relocation of foreign funds to the International Financial Services Centre (IFSC). For relocation, a Foreign Portfolio Investor (FPI) or its wholly-owned special purpose vehicle may approach its Designated Depository Participants (DDP) for approval of a one-time off-market transfer of its securities to the resultant fund , Sebi said in a circular.
Sebi noted that tax incentives are provided for relocating foreign funds to IFSC under the Finance Act, 2021, in order to make the IFSC in GIFT City, Gujarat, a global financial hub. DDPs after appropriate due diligence may accord its approval for a one-time off-market transfer of securities for such relocation, Sebi said.