The Income Tax (IT) Department on Thursday raided various premises linked to Chitra Ramkrishna in Mumbai and Chennai. Last week the SEBI penalized Chitra Ramkrishna, her predecessor at the NSE Ravi Narain, two other officials along with the NSE for lapses in hiring at the senior level.

The market regulator found that the NSE and its top officials violated securities contract rules related to the appointment of Anand Subramanian as group operating officer and adviser to the Managing Director. SEBI has slapped a penalty of Rs 3 crore on Chitra Ramkrishna, in a fresh order in the co-location case.

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The 190-page order also faulted Ramkrishna for running the exchange at the behest of a mysterious yogi. The market regulator SEBI called it "bizarre misconduct" and a "glaring breach" of regulations. The term 'co-location' refers to a setup in which the broker's computer is located in the same area as the stock exchange's server. There are allegations of preferential access to the trading system to a few.

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