Home / News / India /  CBI arrests Anand Subramanian in NSE case

CBI arrests Anand Subramanian in NSE case

The CBI had been questioning Chitra Ramkrishna former, CEO of NSE, Ravi Narin, former vice chairman to the board since last Friday.Premium
The CBI had been questioning Chitra Ramkrishna former, CEO of NSE, Ravi Narin, former vice chairman to the board since last Friday.

  • The case pertains to unfair access to NSE's colocation platform or algo trading platform. An FIR in the case was registered in May 2018. The original FIR was filed against a Delhi-based brokerage firm OPG Securities and unnamed NSE and Sebi officials

MUMBAI: The Central Bureau of Investigation (CBI) late on Thursday arrested Anand Subramanian, former chief operating officer of the National Stock Exchange (NSE) in connection with a probe into a 2018 stock market manipulation case, said a person with direct knowledge of the matter.

"The arrest happened after three days of continued questioning in Chennai, he would be produced before the special court for custody," said the person.

The CBI’s case pertains to the so-called co-location scam where a few brokers wielded unfair advantage over others when they accessed NSE’s high-speed trading platform or algo trading and co-location platform. A case was registered in 2018 against OPG Securities Pvt. Ltd, a Delhi-based brokerage firm, and unnamed officials with the Securities and Exchange Board of India (Sebi) and NSE.

The CBI had been questioning Chitra Ramkrishna former, CEO of NSE, Ravi Narin, former vice chairman to the board since last Friday.

"More arrests will be made in the case," said the person cited above.

The original FIR was expanded in light of the recent facts that have emerged pursuant to the Sebi order. The Sebi order alleged governance lapses in hiring of Subramanian and leaking of the exchange's financial data by Ramkrishna to an unknown third person.

The investigation happened after a public interest litigation (PIL) was filed in the Delhi high court in August 2017 by journalist Shantanu Guha Ray, who demanded the agency widen the scope of its investigation into allegations of fraud and illegality into algo-trading.

In May 2019, CBI had submitted a status report to the Delhi high court that its probe was no longer limited to the original complaint.

In a written response to the Parliament in July, the government said the CBI investigation was still on.

ABOUT THE AUTHOR

Jayshree P Upadhyay

Jayshree heads a team of reporters focussing on legal, regulatory, investigative stories. She has worked for over a decade, reporting on financial scams, legal stories and the intersection of corporate and regulatory issues. She is based in Mumbai and has previously worked with Business Standard, Mint, The Morning Context and Bloomberg TV India.
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