Anand Subramanian: A CBI court on Wednesday sent former group operating officer of National Stock Exchange (NSE) Anand Subramanian to 14-day judicial custody. This action has been taken against Subramanian for being a co-accused in the scam of several crores related to NSE.
NSE is facing regulatory scrutiny in the co-location case as well as irregularities related to corporate governance.
Subramanian was arrested on February 24
The CBI had arrested Anand Subramanian on the midnight of 24 February. The action was taken by the probe agency as it proceeds in the investigation of alleged improper access to network servers of the exchange to some high frequency traders. He was given CBI custody till March 9.
On the orders of the Special Court of CBI, now he will have to remain in CBI remand for 14 more days.
NSE Colocation Scam: Who is Anand Subramanian? Was the officer of NSE arrested, was the Yogi of Himalayas?
The CBI had registered a case in 2018 in connection with the alleged co-location scam, which recently expanded to the exchange’s governance issue.
Chitra Ramakrishna has been remanded for seven days
Earlier, increasing the difficulties of former NSE CEO Chitra Ramakrishna, the special court had sent her on seven-day CBI remand. The CBI had produced former NSE CEO Chitra Ramakrishna in court and sought her 14-day custody in the NSE co-location case. Following the arrest, officials had said that the CBI interrogated Ramakrishna for three consecutive days and conducted searches at his residence, following which he was arrested. Officials said she was not responding properly. He said the CBI also took the services of a senior psychologist of the Central Forensic Science Laboratory, who questioned him. Officials said the psychologists had also come to the conclusion that the agency had no option but to arrest them.
SEBI imposed fine
SEBI, in a recent order, had fined several, including former NSE MDs and CEOs Ramakrishna and Ravi Narayan, for irregularities in the appointment of Anand Subramanian.
The regulator said in its order that a Siddha Purush or Yogi, mostly living on the Himalayas, guided Chitra Ramakrishna for 20 years. Ramakrishna was accused of sharing confidential information including the exchange’s financial and business plans, dividends, financial results with Yogi and even consulting with Yogi on the appraisal performance of the exchange’s employees.
“According to Ramakrishna, this anonymous person was a spiritual force. He could appear wherever he wanted. He had no definite address and whereabouts. He lived mostly in the Himalayan mountains,” SEBI said in its order.
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