Not only did the National Stock Exchange of India Ltd's (NSE) former Group Operating Officer and Advisor to MD Anand Subramaniam get exorbitant salary and hikes, even his wife Sunitha Anand was favoured similarly.
The Anands certainly had an 'anandha' time at NSE between 2013 and 2016.
As per the Securities and Exchange Board of India (SEBI) order, Sunitha was appointed as consultant at NSE's Chennai Regional Office for April 1, 2013 - March 31, 2014 at an annual remuneration of Rs 60 lakh.
On the same day Anand was also appointed as a Chief Strategic Advisor at Rs 1.68 crore per annum (pa) remuneration. At the time of hiring he was a Vice President, Leasing & Repair Services, Transafe Services Ltd, a subsidiary of Balmer & Lawrie drawing an annual salary of about Rs 15 lakh.
Over the period the couple's pay made a huge jump.
During the period April 1, 2014 to March 31, 2015, Sunitha's pay went up to Rs 72 lakh and then to over Rs 1 crore.
The next year Sunitha's contract was renewed for over Rs 1.15 crore.
Subsequently her contract for the year starting April 1, 2016 was renewed for over Rs 1.33 crore. However, Sunitha foreclosed the contract on December 31, 2016.
In the case of Anand, the pay packet as well as his designation went upwards from being a Strategic Advisor being paid Rs 1.68 crore to Rs 2.01 crore between March 3, 2014 - May 5, 2014 to Rs 2.32 crore for May 6, 2014 - March 29, 2015 to Rs 3.33 crore for March 30, 2015 - April 15, 2015 to Rs 3.67 crore for April 16, 2015 - March 31, 2016 and to Rs 4.21 crore from April 1, 2016.
Anand resigned in October 2016.
What is interesting is that Anand seems to be a conduit to an unknown person to whom a substantial portion of the pay hikes were paid.
This came to light from the email correspondence between NSE Managing Director and CEO Chitra Ramakrishnan and an unknown person said to be a Yogi in Himalayas with an email id rigyajursama@outlook.com.
The SEBI in its report said: "The extract of the e-mail correspondence between the unknown person and Noticee no. 1 (Chitra Ramakrishna) is as under: Email Date & time: February 19, 2015 08:32 PM From: rigyajursama@outlook.com To: Chitra Ramkrishna; anand Subramanian Subject: RE: Proposed Organization Structure with notes. '1. contract to revise to 5 day week only for paper and emoluments. 3 day will continue on routine with HO and rest at will. 2. One day brought additional on contract per week Kanchan to withdraw and surrender to me per month as gratitude on gross amt."
(Venkatachari Jagannathan can be reached at v.jagannathan@ians.in)
Source : IANS