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A Case for Decentralized Finance
Some recent events at one of the largest stock exchanges in the world, the National Stock Exchange (NSE) of India, is taking the financial sector of the country by storm.
A report released on 11th February 2022 by the Securities and Exchange Board of India (SEBI) found a fascinative series of events at the top levels of the exchange.
In 2013, a person named Mr. Anand Subramanian was brought in as the Chief Strategic Advisor of NSE with an 11 times increase in compensation. Mr. Subramanian had no experience in Capital Markets before. He was only interviewed by then CEO and MD of NSE Ms. Chitra Ramkrishna. By March 2015, Mr. Subramanian was re-designated as Group Operating Officer (GOO) and Advisor to MD, and his compensation was increased to more than 30 times what he used to get before joining NSE.
Till this point, this is a story of fraud and bad judgment. Now, this gets really weird. It was found that Ms. Ramkrishna shared confidential information about organizational structure, dividend scenario, financial results, human resources policy, response to the regulator, etc. with an unknown person who is supposed to be some Yogi living in the Himalayas. It is speculated that Mr. Anand Subramanian exploited Ms. Ramkrishna’s faith by creating this ‘Yogi’ identity.
https://0x0web3.com/articles-web3/a-case-for-decentralized-finance