Former top NSE officer Anand Subramaniam arrested by CBI
Highlight
- Anand Subramaniam was detained in Chennai late Thursday night
- CBI is probing the co-location scam in NSE, new facts have come to the fore
The CBI has arrested Anand Subramaniam, former Group Operating Officer of the National Stock Exchange, after expanding its probe into the co-location scam at the exchange by three years, referring to a mysterious yogi in the wake of “fresh facts”. A damning report has come to the fore. Officials said on Friday that the former CEO was guiding the action of Chitra Ramakrishna and other irregularities.
He said Subramaniam was detained in Chennai, Tamil Nadu late Thursday night. He was questioned for several days in Chennai earlier this week, during which he was found evasive in his answers, following which he was questioned in custody by the Central Bureau of Investigation (CBI), officials said.
He said the agency would produce him in a Chennai court for transit remand to bring him to Delhi.
He said once the petition is approved, the CBI will bring him to the national capital and produce him in a special court for his custodial interrogation at its headquarters in connection with the case.
Officials said an audit report had allegedly referred to Subramaniam as a mysterious yogi, but this was refuted by the Securities and Exchange Board of India (SEBI) in its report on February 11.
Ramakrishna, who replaced former CEO Ravi Narayan in 2013, had appointed Subramaniam as his advisor, who was later promoted as Group Operations Officer (GOO) on a hefty pay check of Rs 4.21 crore.
Subramaniam’s controversial appointment and subsequent promotion, apart from key decisions, was directed by an unidentified person whom Ramakrishna claimed was a formless mystical yogi living in the Himalayas, during a SEBI-ordered audit of Ramakrishna’s email exchanges. Investigation revealed.
An audit had alleged that Subramaniam was a Yogi, but SEBI in its final report on February 11 refuted that claim. Ramakrishna left NSE in December 2016.
The Securities and Exchange Board of India on February 11 accused former National Stock Exchange (NSE) CEO Ramakrishna and others of appointing Subramaniam as chief strategic advisor and his re-designation as group operating officer and advisor to MD Is. ,
SEBI has imposed a penalty of Rs 3 crore on Ramakrishna, Rs 2 crore on NSE, Rs 2 crore on former NSE MD and CEO Ravi Narayan and Rs 6 lakh on Chief Regulatory Officer and Compliance Officer VR Narasimhan.
Officials said the CBI, which had been probing the co-location scam against a Delhi-based stock broker since 2018, swung into action after a SEBI report showed alleged abuse of power by the then top NSE officials. Was.
He said the agency expanded its probe and questioned Ramakrishna, Narayan and Subramaniam in connection with the scam.
The central probe agency had registered a case against stock broker Sanjay Gupta, owner and promoter of Delhi-based OPG Securities Pvt Ltd. Ltd., in 2018 allegedly to make profit by gaining early access to the stock market trading system, the officials said. The agency was also probing unidentified officials of SEBI and NSE, Mumbai and other unidentified persons.
“It was alleged that the owner and promoter of the said private company had misused the server architecture of NSE in conspiracy with unknown officials of NSE. It was also alleged that the co-location was used by unknown officials of NSE, Mumbai. facility during the period 2010-2012 which enabled it to login earlier to the exchange server of the stock exchange, which helped in getting the data before any other broker in the market,” CBI has alleged in the FIR.
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