NSE co-location scam: CBI launches search operation in many cities
Highlight
- CBI today launched coordinated search operation at more than 10 locations in several cities
- Officials said it was related to the NSE co-location scam case
- The search operation will cover touts in over 12 premises in Mumbai, Delhi and other cities
NSE Co-Location Scam News Updates: The Central Bureau of Investigation (CBI) on Saturday (May 21) launched a coordinated search operation at over 10 locations in several cities in connection with the NSE co-location scam case, officials said.
He said that brokers from over 12 premises in Mumbai, Gandhinagar, Delhi, Noida, Gurugram and Kolkata among other cities would be involved in the search operation. Officials said the central agency has filed a charge sheet against former National Stock Exchange (NSE) CEO and MD Chitra Ramakrishna and group operating officer Anand Subramaniam in the case.
The investigation has so far revealed that from 2010 to 2015, when Ramakrishna was managing the affairs of the NSE, OPG Securities, one of the accused in the FIR, connected to the secondary POP server in “Futures and Options” on 670 trading days . ” section.
The CBI has kept open its probe into allegations of favoritism to certain brokers by NSE officials and the unfair advantage it earned during the tenures of Ramakrishna and Subramaniam.
Learn more about the scam and related activities
Officials said Ramakrishna, who replaced former CEO Ravi Narayan in 2013, had appointed Subramaniam as his advisor, who was later promoted as Group Operations Officer (GOO) at a hefty salary of Rs 4.21 crore annually Was.
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” (mystic) living in the Himalayas, an audit ordered by SEBI. During checking of their e-mail exchanges. had shown.
Officials said the central probe agency had in 2018 booked stock broker Sanjay Gupta, owner and promoter of Delhi-based OPG Securities Pvt Ltd, on charges of gaining early access to the stock market trading system.
The agency is also probing unidentified officials of Securities and Exchange Board of India (SEBI), NSE, Mumbai and other unidentified persons.
“It was alleged that the owner and promoter of the said private company in conspiracy with unknown officials of NSE misused the server architecture of NSE.
“It was also alleged that unidentified officials of NSE, Mumbai had given undue access to the said company during the period 2010-2012 by using the co-location facility, which enabled it to log into the exchange server of the stock exchange earlier. Which helped get the data before any other broker in the market,” the CBI alleged in the FIR.
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