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Guru scandal deals blow to India's National Stock Exchange IPO

Report that ex-CEO took orders from 'spiritual force' sparks furor

Testimony by Chitra Ramkrishna, the former CEO of the National Stock Exchange of India, concerning her ties to a Himalayan holy man threaten to upset the bourse's IPO ambitions.   © Reuters

MUMBAI -- Financial backers of India's largest stock exchange may have to wait still longer to cash in their investments, after regulators punished the bourse's operator for allowing a former CEO to outsource key decisions to a person she said was a religious guru in the Himalayas.

Riding high on a boom in trading and initial public offerings, the National Stock Exchange of India had hoped to revive plans for an IPO of its own. A share flotation would provide an exit to big investors, including Canadian pension fund operators and venture capital funds.

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