The NSE scam reveals the abysmal state of corporate governance in India

The recent report of the Securities and Exchange Board of India (SEBI) on the National Stock Exchange (NSE) has revealed a scandalous state of affairs in the world's largest exchange for trading in derivative financial instruments, at the time the NSE was headed by Chitra Ramkrishna. She and her close associate Anand Subramanian, among others, have been severely indicted by SEBI but the penalties imposed on them are far from adequate given the magnitude of their alleged misdemeanours, says independent analyst Hemindra Hazari, in an exclusive interview with NewsClick.