The Central Bureau of Investigation (CBI) has arrested Anand Subramanian, one of the key accused in the National Stock Exchange (NSE) co-location case.
CBI had called Anand Subramanian for questioning in the last three days in Chennai, said sources. Finally, after detailed questioning of Anand, the agency found his arrest is required for the ongoing case in alleged irregularities in the NSE case for market manipulation.
“Anand Subramanian, former Group Operating Officer and advisor to former MD of National Stock Exchange Chitra Ramkrishna, arrested by CBI late last night from Chennai in connection with the NSE case,” agency sources told ANI.
CBI investigation stated that group operating Officer Anand Subramanian’s appointment was influenced by NSE chairman and MD Chitra Ramakrishnan.
The CBI is probing the alleged improper dissemination of information from the computer servers of the market exchanges to the stockbrokers.
Earlier The Securities and Exchange Board of India (SEBI) has penalized the National Stock Exchange (NSE) and its former CEOs Chitra Ramakrishna and Ravi Narayan and two other officials for lapses in recruitment at the senior level.
The market regulator observed that the NSE and its top executives violated securities contract norms relating to the appointment of Anand Subramaniam as group operating officer and advisor to the managing director.