The Congress on Tuesday asked the government to bring a white paper on the functioning of the National Stock Exchange, after it was revealed that its former CEO Chitra Ramkrishna allegedly acted on the advice of a "spiritual guru''.

The opposition party also questioned the silence of Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman on the functioning of the largest stock exchange having a combined market capitalisation of USD 4 trillion, which is equivalent to Rs 303 lakh crore.

"The finance ministry and the prime minister should come out with a white paper on the state of affairs of National Stock Exchange and on the shocking activities of an 'invisible Baba' who was dictating terms to the former CEO of the exchange," Congress spokesperson Gourav Vallabh told reporters.

He also posed a set of nine questions asking who was running India's largest stock exchange and what was the role of the "invisible Baba" in its functioning.

Chitra Ramkrishna was MD and CEO of NSE from 2013 to 2016. A spiritual guru, who Ramkrishna claimed was dwelling in Himalayan ranges, guided her on personal and professional matters for 20 years.

This was revealed in an order by market regulator SEBI on Friday against Ramkrishna and others in a matter of governance lapses in the appointment of Anand Subramanian as the chief strategic advisor and his re-designation as group operating officer and advisor to MD.

Ramkrishna was ousted from NSE in 2016 for her role in the co-location and algo trading scam and abuse of power.

No one from the senior management, board, or the promoters which include big government institutions and banks ever objected to her ways. Instead, Ramkrishna was given ?44 crore as pending dues and salary when she left NSE, Vallabh alleged.

He also shared excerpts of some email exchanges of Chitra Ramkrishna with the 'baba'.

"Why are the PM and the FM mum on India's biggest financial scam of all time? Why can't the IP address of emails sent by BABA be traced till now? The entire world is laughing at us that a country known as the tech powerhouse of the world can't trace a Baba who is sending emails from an IP address," he asked.

The Congress leader also asked who all had invested in NSE in the last 7.5 years, along with complete details of their holding, price of acquisition, and date of investment.

He said the NSE is planning for an IPO and immediately after it, the value of investment made in the last 7.5 years will increase by around 10 times.

"What was SEBI doing from 2016 on Chitra Ramkrishna shenanigans when scandalous facts were reported? When SEBI is not having any expertise in search and seizure why the case was not transferred to CBI, SFIO, ED and IT for investigation in the last six years. Who is stopping SEBI for doing the same," the Congress spokesperson asked.

"Since 2015 when co-location and algo trading scam was reported in NSE, what action was initiated by Finance Ministry and SEBI against NSE?

"Why SEBI, instead of investigating the scam on its own asked NSE to undertake a forensic audit," he asked.

"Is this the state of affairs of the largest derivatives exchange in the world? Finance Ministry should come out with a white paper on NSE," the Congress leader demanded.

Ramkrishna has refused to reveal the identity of the unknown person and sought to claim that the unknown person is a spiritual force, the regulator has noted.

"Without unnecessarily going into the details of each email, it is evident that the unknown person is a physical being and has gone on vacations with the Noticee no. 1 (Ramkrishna) to chill , SEBI said.

In the matter of governance lapses while appointing Subramanian, SEBI has levied a fine of Rs 3 crore on Ramkrishna, Rs 2 crore each on NSE, Subramanian and former MD and CEO Ravi Narain, and Rs 6 lakh on V.R. Narasimhan, who was the chief regulatory officer and compliance officer.

Further, Ramkrishna and Subramanian have been restrained from associating with any market infrastructure institution or any intermediary registered with SEBI for three years, while the same for Narain is two years.

Also, SEBI has directed NSE to forfeit the excess leave encashment of Rs 1.54 crore and the deferred bonus of Rs 2.83 crore, of Ramkrishna, which was retained by the exchange and deposit the same to its Investor Protection Fund Trust within six days.

In addition, SEBI has barred NSE from launching any new product for six months.